Today SWIAT, the blockchain tokenization network founded by Germany’s DekaBank, announced three new investors, SC Ventures (Standard Chartered), one of Germany’s largest banks LBBW, and software firm Comyno. The participation of Standard Chartered and LBBW is not a surprise, as DekaBank mentioned their interest when the SWIAT platform was unveiled more than a year ago.
When SWIAT first launched, it described itself as the SWIFT for digital assets, with regulated institutions as the target. The name stands for Secure Worldwide Interbank Asset Transfer. It wants to encourage co-opetition and collaboration amongst participants in the financial industry. The vision is for regulated entities to build their own use cases but maintain interoperability with others on the SWIAT network.
“SWIAT is a solution for the financial sector being built at institutional grade by banks, for banks,” said Alex Manson, Head of SC Ventures. “It not only provides a platform to save costs and achieve economies of scale but enables better risk management and audit trails through the use of the latest generation of technology. As one of the lead investors, SC Ventures is convinced that the current use case is the precursor for many others, with the bulk of the settlement industry moving gradually to blockchain protocols.”
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