in

Sharing ownership of a Picasso painting? A Swiss bank makes it possible

Swiss digital asset bank Sygnum and art investment firm Artemundi announced the tokenization of the painting Fillette au béret, painted by Spanish artist Pablo Picasso in 1964.

Both companies indicated that the property rights of a Picasso work, for the first time it would be shared through the blockchain public of a bank.

The investors will be able to buy and exchange “shares” of the work de arte, through what they call Art Security Tokens (AST), according to a statement.

The bank will issue 4 thousand tokens of the work, each will be priced at $ 5,000, which gives a total price to the set of approximately USD 20 million. They will have access to accredited and institutional investor tokens.

After the acquisition of the tokens, which would make the investors owners of the box, they they will be able to exchange AST on the bank’s own platform, called SygnEx. When the tokens are sold, they will be settled in Swiss francs, using a stablecoin from the financial institution itself, called DCHF.

For the bank and for a company related to art, the importance of the project lies in the legal certainty of ownership provided by tokens issued.

“These tokens are recognized by Swiss law DLT (distributed ledger technology), and transactions on the blockchain are considered legally binding, “they highlight in the letter.

The owners of the tokens will be able to exchange them on the bank’s platform for a stablecoin called DCHF. Source: Pressmaster / elements.envato.com

For his part, Mathias Imbach, CEO of Sygnum, believes that the tokenization of Fillette au béret exemplifies that there is a “universe of unique investment opportunities” that can be accessible to many.

Picasso’s Fillette au béret has toured museums around the world such as the Galerie Beyeler in Switzerland, the Moderna Museet Museum in Sweden, the Kunsthalle Nurnberg in Germany, the LACMA and the Phoenix Art Museum in the United States. Currently, the physical work of art is protected in a high security facility.

Tokenization in other areas of the economy

As in the case of the Picasso painting, in other areas of the economy there are several companies that have used blockchains to tokenize property ownership or even the identity of a human being.

Last February, CriptoNoticias reported that a Spanish company carried out the first sale of a tokenized property in the city of Seville, to the south of Spain. On that occasion, the transaction was made on the Ethereum blockchain.

Likewise, last April, former basketball player Emanuel Ginobili registered on the Proof Of Humanity (PoH) platform, thus tokenizing his identity. This is a project developed on Ethereum that relates addresses on this blockchain with verified human identities and delivers, in return, a basic income in the UBI token.

Britney Spears’ reaction to her sister’s tribute

how Google risked almost everything and succeeded in 2006