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Italy's first ecosystem for issuing and placing security tokens of alternative investments is born.

The initiative promoted by Cetif, with Reply and Fondazione Cariverona, has already been joined by leading financial institutions.
Press releases


Milan, Sept. 23 - CeTIF, Reply and Fondazione Cariverona, with the legal support of Chiomenti and tax of Linklaters, are working to create the first Italian platform for the issuance and placement of Security Token of alternative investments, for institutional and retail investors.

Security Token & Alternative Investment Sandbox - like its predecessors designed in ecosystem logic and therefore open to Authorities and all stakeholders to participate - has already been joined by BPER Banca, Banca Generali, Banca Mediolanum, Reale Mutua and Iccrea.

The Alternative Investment market is a fast-growing market worldwide (expected CAGR +9.8% to 2025) and in Italy it exceeded €45bn in 2019. The first type of asset class on which Security Token issuance will be tested will be Real Estate, which in Italy has reached a market cap of over 7.89 Trillion Euros (2020).

Participants, in the roles of Originators (asset owners), Advisors/Collectors (commercial and investment banks), and institutional and retail investors, will experience the benefits and business value generated by tokenization with DLT/blockchain technology .

Operationally, the platform will, in fact, allow Originators to demobilize all or part (through fractionation) of the owned asset, obtaining liquidity from the same even when it is illiquid; and Advisors/Advisers to expand the offering by structuring and placing security tokens with institutional and retail investors who, in turn, will be able to diversify their portfolios by accessing a new, more transparent market.

In addition, thanks to the Blockchain/DLT technology, the solution facilitates onboarding (Know Your Customer) compliant by design, thus also simplifying and speeding up all processes (reconciliation, clearing and transfer of security tokens between parties) and reducing time and costs (dematerialization, shared, verifiable and transparent repository between ecosystem parties).

From October 2021, it will be possible to test the issuance and placement of security tokens with underlying Real Estate. Later, as the platform is designed with a view to scale up, it will also become operational for other types of asset classes such as: Credit, Private Equity/Debt, Venture Capital, ESG - Compliant Sustainable Infrastructure, works of art and collectibles.





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