SBI Digital Markets (SBIDM) has issued a structured note to represent the ownership of fine wines held in a bonded warehouse. The aim is to enable real world asset (RWA) tokenization, but the notes themselves were issued in conventional form. They were bought by Korea’s Kyobo Life and Kyobo Securities, expanding SBI’s existing collaboration with these firms. However, Korea is yet to pass tokenization laws, hence the purchase was in conventional form in preparation for tokenization.
Token X, a subsidiary of Thai banking group SCBX, also acquired the notes. Token X has tokenized the notes and is offering them to accredited investors.
SBIDM is demonstrating the capability of providing both offshore investable assets as well as niche real world assets. The issuance was in Guernsey with the private placement in Switzerland.
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