Through its SC Ventures business unit, Standard Chartered recently launched its new tokenization platform, Libeara, which seeks to democratize access to assets.
Standard Chartered's new tokenization platform has been presented as a major innovation for the financial market.
This new blockchain platform, which was developed with the aim of democratizing access to different classes of financial assets, was showcased with the Tokenization of a Singapore government bond fundr, denominated in dollars.
According to informed According to the bank, the tokenization of this sovereign bond fund opens a new approach to asset investment in Singapore, offering a unique way to access this market, with greater efficiency and transparency.
«Libeara is a tokenization platform incubated by SC Ventures to create more accessible, transparent and secure markets.»
Blockchain asset tokenization is an emerging innovation that transforms traditional markets through blockchain technology to provide greater efficiency, speed, and reduced costs to operations.
Libeara is an acronym for Liberty and Aerarium, the first US Treasury and Roman Treasury bonds, respectively, the bank said. This platform is also recently registered as a Singapore-based, independently operating asset tokenization company.
A tokenization platform to respond to market demands
According to the British bank, Libeara emerges as a response to the growing needs of the financial market, to have a platform capable of promoting the security and accessibility of assets.
According to the bank, the development of this platform promotes financial inclusion, as well as the creation of a more open and transparent ecosystem, thus responding to several unmet needs in the market.
Furthermore, Standard Chartered emphasized that Libeara meets high standards to optimize management, without compromising security. To do so, the platform is collaborating with widely known entities in the crypto/blockchain industry, such as Fireblocks and Chainalysis.
In this way, in addition to ensuring the efficiency and accessibility of assets, Libeara is a tokenization platform that is also able to guarantee security and regulatory compliance to its clients.
This asset tokenization company and platform was incubated as one of the finalist projects in the global challenge “Global Retail CBDC Challenge”, organized by the Monetary Authority of Singapore (MAS) in 2021.
According to Standard Chartered, during the proof of concept, Libeara was actively involved in developing prototypes of digital platforms for the governments of Hong Kong, Ghana and the Philippines.
The financial sector is increasingly moving towards tokenization
Asset tokenization is a phenomenon that is gaining more and more momentum in the financial sector.
So far, large companies such as HSBC Holdings and UBS Asset Management are looking with great interest towards the blockchain industry, exploring the many possibilities offered by this disruptive technology.
As reported by this media, other important companies in the world of finance, such as Citi, State Street, Ernst & Young and Franklin Templeton have also been exploring tokenization to ensure transparency, integrity and traceability of markets and to optimize the financial industry at large.
Government entities such as the Israel Land Authority, the Central Bank of Italy and the Warsaw Stock Exchange are also exploring the tokenization of assets on the blockchain.
What is tokenization?
Asset tokenization consists of representing real-world assets within the blockchain through the issuance of digital tokens, which can be traded in a more secure, transparent and reliable way on the markets.
Thanks to its potential, tokenization has become a disruption that is transforming the financial sector, opening up new opportunities for its participants and fostering the construction of the new digital economy.
Earlier this month, Standard Chartered announced it would invest up to $100 million in cryptocurrency startups, through SC Ventures.
Continue reading: Tokenization as a catalyst for financial innovation
