Capital markets News

Credit Agricole-backed BlockInvest receives funding from Open Venture to expand tokenization solution

Today tokenization firm BlockInvest announced that Italian venture capital firm Open Venture has made a strategic investment. One of BlockInvest’s existing backers is Crédit Agricole Italia, a partner in multiple tokenization initiatives.

“Even if the tokenization industry is gaining momentum, creating disruptive software is not enough to become the European market leader,” said Lorenzo Rigatti, CEO of BlockInvest. “Now is the right time to strengthen the company foundation for future growth.”

Together with Crédit Agricole Italia it worked on DLT trials with the Bank of Italy to develop a solution for mini digital bonds for SMEs. Subsequently, it continued the development with a view to offering tokenized bonds as part of the bank’s wealth management offerings.

However, Crédit Agricole Italia is not its only institutional client. BlockInvest was involved with a second central bank fintech hub solution with a small Italian bank, David & Morgan. That initiative involved tokenizing non performing mortgages. Additionally, it also partnered Centotrenta Servicing to tokenize its asset backed securities (ABS) portfolio of non performing loans (NPL). Centotrenta has issued $23 billion in ABS to date. These projects used the Polygon public blockchain.

“We are excited to join forces with BlockInvest to jointly boost the very promising market of asset tokenization both in Italy and overseas,” said Fulvio Andriolo, CEO of Open Venture. He added that it plans to partner BlockInvest “to speed up and strengthen the very potential asset of emerging companies in emerging markets. “