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January 5, 2023

2023 is the Year of the Tokenized Security

2023 is the Year of the Tokenized Security

2023 is the year of the Tokenized Security. I think those securities will largely be private market assets, but I could be wrong. We continue to have an enormous number of people tinkering in this area, and we are starting to have more and more people and institutions commit to this area. The functions of banking and securities transactions are decentralizing. They are are starting with ‘banking micro-services’ which will be strung together and eat TradFi’s lunch.

As this develops the winners will not be the players who stand alone, but those who collaborate. I want to use Netflix as an example. In 2009 they moved from a monolith architecture to a micro-services architecture. They moved here very early before people were using micro services as a term.

In this move they transitioned away from a single code solution to a Services Oriented Architecture (SOA), and as Adrian Cockcroft described it, ‘Fine grained SOA.’ Today they have 2 billion+ pulls daily from a cloud native architecture that is continuously being deployed. ( This was a move to decentralization. I have written about the ECN’s who collaborated won, and those who stood alone failed, this move to decentralization is here, it is in the architecture, it is the world we live in and it is in how we use data.

Tokeny is delivering their piece of the eco-system with excellence, led by Luc Falempin Daniel Coheur. Ownera led by Ami Ben-David is deploying with market partners like J.P. Morgan. Mathew McDermott and the folks at Goldman Sachs are delivering real life solutions that work. ADDX led by Oi-Yee Choo is leading the way in Singapore with listings on their platform by global players. Archax and Simon Barnby are doing the same as an FCA regulated player in the UK. Emilie Rieupeyroux is leading Euronext participation in this effort. Pat LaVecchia is leading the way with Oasis Pro Markets in the US, along with Shari Noonan Rialto Markets. Mohsin Masud is bringing tokenized Real Estate on his platform AKRU.

Peter Hughes (sits on my board, is an investor in Inveniam – full disclosure), and his team at Apex Group Ltd with Georges Archibald Elaine Chim, FCA Chris Thoume and Bruce Jackson are paving the way for full digital administration of tokenized funds. This is happening with new infrastructure being built around custody with Anchorage Digital, Coinbase, and ConceptVines.

This is the eco-system delivering the micro-services that collectively deliver tokenized securities trading globally. Other critical services that are coming into this new paradigm for financial services are Deloitte Cushman & Wakefield JLL Colliers and CBRE. Large legacy players, like the Altus Group are re-inventing themselves led by Jorge Blanco and Guillaume Fiastre to deliver their core offerings in this micro-service architecture. This is what we mean when we say DeFi.

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