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Zurich, 23 March 2021 – Azimut Group, one of the leading independent asset managers in Europe with EUR 70 billion in assets under management, has partnered with Sygnum Bank to tokenize its first portfolio of loans to Italian small and medium enterprises (SMEs). This portfolio is worth EUR 5 million and will be followed by other larger portfolios, with tokens issued through Desygnate, Sygnum’s primary market issuance platform.
– This provides a real-world example of how tokenization can help fill the USD 5 trillion Mid Cap funding gap by offering companies an alternative route to raising capital
– Sygnum is now building a strong pipeline of asset tokens across the Venture Capital, Mid Cap, Real Estate and Art & Collectibles verticals to create unique investment opportunities for investors
Real-world example of how tokenization can help fill the USD 5 trillion Mid Cap funding gap
Azimut was one of the first cohort of issuers announced at the launch https://bit.ly/397UrtM of Sygnum’s bank-grade tokenization solution, Desygnate. In a first phase, Azimut is tokenizing a EUR 5 million portfolio of loans to Italian SMEs that will be offered to its private clients and other Azimut funds for greater portfolio diversification. This will be followed by other larger portfolios.
Obtaining financing is a common challenge for Mid Cap companies; traditional capital markets have high costs and extensive listing requirements, while approvals for bank loans demand stringent credit assessments. This has resulted in a USD 5 (1) trillion funding gap, and Azimut provides a real-world example of how tokenization can start to close this by offering companies an alternative route to raising capital.
“Access to finance is a constraint to the growth of Mid Cap companies, and this is a focus of Azimut’s Synthetic Bank (Banca Sintetica)2 project, which aims to provide EUR 1.2 billion of financing to Italian SMEs over the next four years”, says Giorgio Medda, Co-CEO of Azimut Group. “Our partnership with Sygnum in the area of tokenization will enable us to leverage the power of distributed ledger technology (DLT) to increase the efficiency and transparency of the Synthetic Bank”, he adds.
Sygnum’s pipeline of unique investment opportunities continues to build momentum
Sygnum has continued to onboard new issuers since the launch of its regulated, end-to-end tokenization solution https://bit.ly/3sfl47I in November 2020. The bank continues to create new investment opportunities across its four investment verticals of Venture Capital, Mid Cap, Real Estate and Art & Collectibles, including the Azimut token, allowing investors to profit from asset classes previously seen as hard-to-access in a direct and fractional manner.
In February this year, Sygnum and Fine Wine Capital, a Swiss-based fine wine investment company, tokenized a portfolio of premium investible wines https://bit.ly/397UFkC that was fully subscribed within four days. This was Sygnum’s first asset token offering in the Art & Collectibles investment vertical and under Switzerland’s new DLT law.
Mathias Imbach, Co-Founder and Group CEO of Sygnum Bank says “There is strong appetite for the investment opportunities that tokenization opens up to investors, which will support the building of more holistic, diversified and future-ready investment portfolios. We are proud to be working with Azimut, one of the innovative first-movers in this space.”
Read the Azimut press release here: https://bit.ly/3rbVhvJ
1) https://www.smefinanceforum.org/data-sites/msme-finance-gap
2) Azimut’s Synthetic Bank (Banca Sintetica) project aims to provide EUR 1.2 billion of loans to Italian SMEs over the period of 2021-2025
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About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally. To learn more about Sygnum, please visit http://www.sygnum.com.
Media Contact:
Dominic Thalmann
T: +41 44 266 67 67
E: sygnum@farner.ch
Corporate Contact:
Dominic Castley
T: +41 58 508 21 01
E: dominic.castley@sygnum.com
Sygnum Bank AG
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As the Central Bank Digital Currency (CBDC) craze continues to conquer the world, the Italian Banking Association (ABI) decided to start a phase of experiments in order to determine the potential benefits of the digital euro.
ABI moves on with the plans to test CBDC
The ABI is a major industry group in Italy, made up of more than 700 individual banking institutions. It noted that it wants to participate in the trials of CBDC, as it could become an equivalent to ECB-backed electronic banknotes.
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Back in June of this year. the Association announced plans to pilot a digital euro in cooperation with ABI Lab — its research arm. The coin would be used primarily for interbank settlements. On top of that, it would also be used for the improvement of the execution of international payments.
The bank also plans to revisit the issue of making the CBDC available, however. Still, its biggest priority is to make the framework fully compliant with the regulations of the EU. In addition, it also needs to tackle the issue of protecting citizens’ privacy.
Details about the testing
This is not the first time that Italian banks are encountering blockchain technology. In fact, most banks are already using it to some extent, mostly via the Spunta project, which integrates blockchain technology to improve the processing speed of interbank settlements.
As per ABI’s explanation, the pilot will be divided into two work areas. The first one will involve the infrastructure and distribution model. Its goal will be to analyze the feasibility of the project from a technical standpoint.
The second work area would be focused on the programmability, with the goal of differentiating the CBDC from the already available electronic payments.
The move comes after lengthy debates that have lasted for nearly two years, now. Unfortunately, the efforts did not seem to find a way to launch unified crypto for all citizens. Even the European Central Bank plans to investigate whether such plans are worth pursuing, or if they should just be abandoned.
Blockchain technology’s development is progressing at a rapid pace, and new use cases are constantly being discovered for it. Many of the use cases that used to be only theoretical, are now available and used in practice for all kinds of purposes.
One example is an Italian musician who used IOTA (MIOTA) to certify the authenticity of her music and protect her work.
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How does it work?
The story of an Italian musician who used blockchain technology to ensure that her music will forever remain in her ownership recently emerged on Reddit. The user, going under the name of “Beginning Alps,” wrote on the platform about her idea to use IOTA to protect her work.
The Redditor went into detail regarding the process, explaining that it is actually very simple. All that people need to do is create a website that describes their product. After that, they can also post photos of the product, with a unique identification number.
After that, the photo is uploaded to IPFS (InterPlanetary File System) server, which is a protocol used for storing and sharing data in distributed file systems, across P2P networks. The system can identify each file contained within through content addressing. At the same time, it can connect all devices that exist on the network, and grant them access to the content.
The Redditor explains that users can create a message in addition to the photo, and that the message will act as the originality certificate for the product. Users also have to add links to the site and the photo they uploaded. After that, all that remains is for them to create an IOTA transaction, and insert the links to the photo in the project’s IOTA Explorer.
This is a very interesting use of IOTA and its Tangle, both of which have been praised by various industry insiders across the world.
An Italian airport staffer allegedly took advantage of the computer systems at his place of work in order to mine Ethereum (ETH).
Employed at an airport located in the Italian city of Lamezia Terme, the staffer allegedly put mining malware onto the airport’s computer systems, said a news brief today from Italian media outlet Rai News. The employee is said to have set up multiple mining rigs on site, taking advantage of the airport’s backend systems in the process. Authorities eventually caught the culprit via security cam footage.
Technical services provide Sacal Global Solutions oversees the technical framework for the airports in the Italian region of Calabria. The airport employee, aged 41, is believed to have tapped into Sacal’s systems in order to install the mining malware. The staffer’s actions put the airport’s backend computer systems at risk, the news brief added.
“The investigators, with the collaboration of the airport authorities, analyzed the partitions of the IT network inside the hub, discovering the presence, in two different technical rooms, of a real ‘mining farm’ […] connected to the external Internet network through systems dedicated to the management of airport services and powered by the airport’s electricity supply,” Rai News reported, adding:
“The investigations, coordinated by the Lamezia Terme Public Prosecutor’s Office, were conducted with technical activities that made it possible to examine the IP addresses associated with the machines installed, to identify the site of the ‘Ethermine’ pool (used for ‘mining’ of the Ethereum cryptocurrency) and monitor the site.”
Crypto mining malware is not an uncommon threat in the industry. Near the peak of the last crypto bull market in Jan. 2018, such malware reportedly plagued 55% of the globe’s companies.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Benjamin Pirus
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