Die folgenden Informationen wurden im Rahmen des Forschungsprojekts zusammengetragen und veröffentlicht.
The STO process
The tokenization of an asset or security is first and foremost a digitalization project. Blockchain (respectively decentralized ledger technology) and its nature of decentralization represent only one part of the whole implementation of such a project. Nevertheless, the aspect of decentralization is key to eventually leverage on the digitalization of securities / assets. It is eventually the key driver for the implied benefits of digital assets (e.g. efficiency gains, higher liquidity and more transparency – see part one of this series of articles). To sum up, a security token offering (STO) combines various digitalization elements with decentralized ledger technology into a holistic process.
However, how does that work exactly and what does it include? The process can generally be split into three main phases: 1. Preparation, 2. Execution, 3. Continuation. Each phase can be subdivided into multiple aspects. Ideally, all of these should be addressed in every security token offering, especially for the tokenization of equity and debt capital. Figure 1 shows a model of this simplified tokenization process. Please note that in practice some aspects may be covered in other phases.