Major Swiss bank Credit Suisse is partnering with Geneva-based blockchain startup Taurus to tokenize shares in an Alpine resort. Private placement of Alaïa digital shares is planned. In the process, the company operates a hotel and a couple of chalets in Crans-Montana.
A few months ago, the Swiss Financial Market Supervisory Authority (FINMA) approved the first regulated marketplace for digital assets. Now, the new legal amendment for tokenized securities, which came into force on February 1, 2021, is being implemented on the platform for the first time. In collaboration with major Swiss bank Credit Suisse, tokenized shares of Alaïa Alpine Resort are expected to be available on the Taurus Digital Exchange (TDX) in the coming months.
CMTA token standard for Swiss companies
The Swiss bank tokenized shares through an ERC20 extension developed by Taurus, Swissquote and Tokenestate on the Ethereum blockchain. The "CMTA20 token" has implemented features that are specifically required for tokenizing shares of a Swiss company. All in accordance with the blueprint published by the Capital Markets and Technology Association (CMTA).
The document describes the process by which shares can be "packaged" into digital tokens. With this, the shares already issued under Swiss company law will be linked to the underlying shares in such a way that the shares cannot be transferred without the corresponding tokens, and vice versa.
Tokenization of shares
By digitizing the shares, Alpenresort simplifies its capital management in view of an upcoming secondary trade. In the coming months, Alaïa's tokenized shares will be admitted to trading on TDX. TDX is one of the world's first independent and regulated marketplaces for digital assets.
"We are committed to helping entrepreneurs and financial institutions digitize private wealth and facilitate corporate finance 2.0. Working with the Credit Suisse Institutional Clients team has been exceptional. I look forward to the next steps of this project, which is a world first and will pave the way for many." - Lamine Brahimi, Co-Founder Taurus
Alpine Resort Crans-Montana
One of the fastest-growing action sports destinations in Europe, Alaïa sees 10,000 visitors per month. The company focuses on providing unique experiences for its visitors and guests. In doing so, Alaïa SA develops and manages sports and hospitality infrastructures with a broad product portfolio. Among them are, for example, the Alaïa Chalet, an indoor/outdoor sports centre, and the Alaïa Lodge (from December 2021) in Crans-Montana. Alaïa Bay is the first surf basin in mainland Europe, a surf spot nestled in the Alps.
"With Alaïa's projects, we aim to offer an innovative and disruptive vision for the development of the travel and leisure segment in Switzerland and abroad. We are particularly excited about our collaboration with Taurus and Credit Suisse, which allows us to be pioneers once again. This time in the field of digital finance." - Adam Bonvin, Founder Alaïa