{"id":34563,"date":"2024-09-18T13:18:21","date_gmt":"2024-09-18T11:18:21","guid":{"rendered":"https:\/\/www.fintechnews.org\/_\/?p=34563"},"modified":"2024-09-17T23:55:05","modified_gmt":"2024-09-17T21:55:05","slug":"top-institutions-point-to-blockchain-interoperability-as-critical-to-asset-tokenization","status":"publish","type":"post","link":"https:\/\/www.fintechnews.org\/_\/top-institutions-point-to-blockchain-interoperability-as-critical-to-asset-tokenization\/","title":{"rendered":"Top institutions point to Blockchain interoperability as critical to asset tokenization"},"content":{"rendered":"
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Citi, Deutsche Bank, Mastercard, Northern Trust and Centrifuge provide insights on paths to secure, multichain asset tokenization for report produced by Axelar Foundation and Metrika<\/h3>\n<\/div>\n<\/div>\n
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A group of leading financial institutions and Web3 innovators have contributed to an in-depth paper on a path to achieve interoperability for tokenized assets across public blockchains, private blockchains, and legacy systems.<\/h5>\n
Published today, \u201cInstitutional Interoperability: How Financial Institutions Navigate a Multichain World<\/a>\u201d addresses how to achieve increased accessibility and liquidity for tokenized assets, with flexibility, privacy, transparency and scalability.<\/h5>\n<\/div>\n<\/div>\n
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Tokenized assets are on-chain representations of financial assets such as real estate, currencies and securities. A\u00a0recent report<\/a>\u00a0authored by Boston Consulting Group and market operator ADDX predicts multi-trillion-dollar value in tokenized assets within the decade. All institutions participating in the paper emphasized the need for interlinked network models that embrace multiple blockchains, as well as traditional systems, in order to realize this potential.<\/strong><\/p>\n

Financial institutions Citi, Deutsche Bank, Mastercard and Northern Trust contributed insights to the paper in spotlight sections. Topics covered include descriptions of their projects in asset tokenization, points where they have implemented multiple blockchains, and potential requirements and challenges for blockchain interoperability. Web3-native innovators Axelar Foundation, Centrifuge and Metrika also contributed to the paper.<\/p>\n

The paper acts as a road map for financial institutions developing tokenized-asset opportunities and facing a complex array of blockchains public and private, alongside stringent requirements imposed by clients and regulations. It was authored by blockchain analyst Emily Parker, based on a framework laid by the Monetary Authority of Singapore\u2019s Project Guardian in 2023.<\/p>\n<\/div>\n

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Contributors to the paper will be invited to discuss the paper\u2019s findings in a panel event at Point Zero Forum in Zurich, July 1-3. To download the paper and sign up to request an invitation, readers can\u00a0click here<\/a>.<\/p>\n

\u201cTokenized assets are by design interoperable, bridging assets recorded on off-chain ledgers with on-chain representations,\u201d\u00a0said Georgios Vlachos, director of Axelar Foundation and co-founder of Axelar protocol.<\/strong>\u00a0\u201cThe question isn\u2019t, how do we facilitate one such connection \u2013 it\u2019s how do we facilitate potentially thousands of connections across on-chain and off-chain ledgers, in a way that\u2019s secure, scalable and open.\u201d<\/p>\n

\u201cMultichain asset interoperability and servicing will in all likelihood become a necessity for securities service providers as their clients adopt different chains,\u201d\u00a0said Anand Rengarajan, managing director, global head of sales & head of securities services APAC, Corporate Bank, Deutsche Bank.\u00a0<\/strong>\u201cIt will be essential that asset servicers know how to address and service interoperability \u2013 between chains and with traditional processes \u2013 on a cost and risks-managed basis to enable sustainable growth that multiple chains can amplify.\u201d<\/p>\n<\/div>\n

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\u201cNorthern Trust is preparing for significant growth in the share of its assets under custody that are tokenized on-chain,\u201d\u00a0said Alvin Chia, head of digital assets innovation for Asia Pacific at Northern Trust.\u00a0<\/strong>\u201cTo provide the best services possible to our clients, we\u2019ll need to participate actively in the blockchain ecosystem, connecting multiple blockchains with tailored approaches at multiple points.\u201d<\/h5>\n
\u201cAsset tokenization brings major advantages in access and liquidity \u2013 and with a modular, multichain architecture, it can also do a great deal to improve visibility and on-chain utility,\u201d\u00a0said Bhaji Illuminati, CMO of Centrifuge.\u00a0<\/strong>\u201cThis is Centrifuge\u2019s path to enable flexibility and scalability in the rapidly evolving RWA ecosystem.\u201d<\/h5>\n
\u201cTokenized assets hold transformative potential for financial institutions, and interoperability in tandem with risk management is key to unlocking that potential,\u201d\u00a0said Nikos Andrikogiannopoulos, Founder and CEO of Metrika.\u00a0<\/strong>\u201cEffective risk management and ongoing surveillance ensure these digital assets seamlessly, reliably and securely integrate into existing financial systems, fostering confidence, accessibility, liquidity and d innovation.\u201d<\/h5>\n<\/div>\n<\/div>\n

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Link: https:\/\/www.analyticsinsight.net\/blockchain\/top-institutions-point-to-blockchain-interoperability-as-critical-to-asset-tokenization?utm_source=pocket_shared<\/p>\n

Source: https:\/\/www.analyticsinsight.net<\/p>\n","protected":false},"excerpt":{"rendered":"

Citi, Deutsche Bank, Mastercard, Northern Trust and Centrifuge provide insights on paths to secure, multichain asset tokenization for report produced by Axelar Foundation and Metrika A group of leading financial institutions and Web3 innovators have contributed to an in-depth paper on a path to achieve interoperability for tokenized assets across public blockchains, private blockchains, and […]<\/p>\n","protected":false},"author":15,"featured_media":34564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[19],"tags":[],"class_list":["post-34563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"\nTop institutions point to Blockchain interoperability as critical to asset tokenization - Fintech News<\/title>\n<meta name=\"robots\" content=\"index, follow, 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