One might expect DLA Piper to offer legal advice for security token issuance. However, the law firm has taken it a step further and is launching its own security token platform, TOKO. It says the distributed ledger technology (DLT) solution was developed with Aldergate DLS (digital ledger solutions), a startup incorporated in December 2019, which is wholly owned by DLA Piper.
“Aldersgate DLS and DLA Piper have spent an immense amount of time studying the asset tokenization challenge, the legal issues surrounding security token creation and fund raising, and the platforms needed to deliver such offerings at scale,” said Scott Thiel, Technology partner at DLA Piper. Thiel described the solution as at the proof of concept stage and it used the platform to tokenize a piece of art bought by several of the law firm’s partners.
DLA Piper outlined the typical benefits of digital assets and tokenization, including fractional ownership, asset liquidity, and accessing a wider range of investors. It positions the offering as unique because it includes DLA Piper’s legal experience.
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