As reported by cointelegraph.com on November 06.2020, TOKO, which is a new tokenization platform targeting high-value assets, has launched as a proof-of-concept by tokenizing a piece of fine art.
The platform is a collaboration between international law firm DLA Piper — which operates in more than 40 countries — Aldersgate DLS and Hedera Hashgraph. Despite it has the ability to function across any asset class, the team identified the best use case “for high value assets.”
TOKO will operate in markets that have an intelligible regulatory framework on asset tokenization such as “the UK, Singapore, Switzerland, US, Canada and potentially Australia,” however the team is also examining the regulations in other potential markets.
TOKO completed the first tokenization of a piece of fine artwork that purchased by a group of DLA Piper Hong Kong partners.
According to DLA Piper Technology partner, Scott Thiel, the platform is the culmination of “years of research and development” into the “legal issues surrounding security token creation and fundraising”.
A spokesperson for DLA Piper said that TOKO “can reduce the risk of fraud through the strict, timestamped audit trails created through blockchain functionality”.
Also, DLA Piper has engaged BCW Group as Program Manager in order to form regtech infrastructure partnerships, and Luther Systems, who act as the systems integrator for TOKO.