A new collaboration, with the potential to bring great exposure to blockchain based tokenization, has just been announced. This collaboration sees a trio of Dutch companies working together – Firm24, LTO Network, and Dusk Network.
The trio note that Firm24 will see their registry of SME shareholders undergo tokenization, and, in the process, greatly benefit from new levels of efficiency and transparency.
The tokenization of their shareholder registry marks, simply, the latest in a series of moves geared toward the automation of incorporation procedures within the region.
Without tokenization, high levels of efficiency can be difficult to maintain, as secondary market trading leads to difficult tracking of share ownership. By turning to blockchain, and the tokenization of shares, the accuracy of the registry stands to benefit, as it can then be updated in real-time, providing a true look at who owns what.
By the Numbers
This undertaking is not a small one, as the client base managed by Firm24 totals over 35,000 SMEs. These 35,000 are located within the ‘BENELUX’, with an expected 10,000 to undergo tokenization in 2020.
*The ‘BENELUX’ refers to a region comprised of 3 nations which operate as a cooperative – Belgium, Netherlands, and LUXembourg*
Upon announcing their newly established strategic partnerships, representatives from each, Firm24 and Dusk, took the time to comment.
Martijn Migchelsen, CFO of Firm24, stated,
“For almost a decade we have been bringing automation to all that had to do with the company incorporation procedure. Thanks to Dusk and LTO we are now ready to deploy our Tokenized Share Register, automating corporate actions, and lay the foundation to connect our customers directly with the world of alternative finance.”
Jelle Pol, Director of Dusk Network, stated,
“The collaboration with Firm24 and LTO is a great example of how Dusk is being adopted nationally. I fully expect the benefits we realize here to function as a lighthouse project towards additional sectors and jurisdictions adoption Dusk Network.”
Founded in 2017, LTO Network maintains operations in Amsterdam, Netherlands. This company was formed with the goal of helping companies achieve new levels of efficiency in their operations, through the utilization of blockchain. They describe themselves as, “A platform for optimized timestamping and efficient collaboration using Live Contracts.”
CEO, Rich Schmitz, currently oversees company operations.
Founded in 2018, the Dusk Foundation maintains operations in Amsterdam, Netherlands. Acting as a non-profit, the Dusk Foundation developed the Dusk Network – a privacy based blockchain protocol.
Director, Jelle Pol, currently oversees operation of Dusk Network.
Founded in 2013, Firm24 also maintains operations in Amsterdam, Netherlands. Above all, the company acts as a provider of a comprehensive suite of corporate based services. These include, but are not limited to:
- Capitalization tables
CEO, Rick Schmitz, currently oversees company operations.