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ABN AMRO, 21X Conduct Onchain Trade of Tokenized Assets Against Stablecoins
ABN AMRO and 21X completed a joint proof of concept for the issuing of a token on the Polygon Amoy Testnet
What to know:
- ABN AMRO has conducted an onchain trade of tokenized assets against stablecoins alongside Germany-regulated 21X.
- Frankfurt-based 21X, which is building a blockchain-based exchange to list and trade tokenized securities, won approval from German regulator BaFin in December.
Dutch bank ABN AMRO has conducted an onchain trade of tokenized assets against stablecoins alongside Germany-regulated 21X.
The two firms completed a joint proof of concept (PoC) for the issuing of a token on the Polygon Amoy Testnet, which was listed as a trading pair with an e-money token, according to an emailed announcement on Thursday.
STORY CONTINUES BELOW
"The deployment of 21X's on-chain order book smart contract enabled trading between tokenized cash and the tokenized asset in one single transaction," the firms said.
Frankfurt-based 21X, which is building a blockchain-based exchange to list and trade tokenized securities, won approval from German regulator BaFin in December.
Tokenization - the representation of real-world assets such as stocks or bonds as tokens on a blockchain - has become an area of interest among traditional financial (TradFi) firms in recent years.
Blockchain-native companies such as 21X securing regulatory approval in major financial centers means TradFi companies can enter partnerships with them to advance their tokenization plans with greater confidence.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
