Fine Wines Become First Tokenized Securities Under New Swiss Blockchain Law

New legal provisions on distributed ledger technology (DLT) went into effect on Feb. 1 in Switzerland. After the implementation, two local companies announced that they had issued the first tokenized asset under the brand-new law. ‘Fine Wine’ Token Is Available for Sygnum Bank’s Clients Per the announcement, Swiss digital asset bank Sygnum and Fine Wine Capital AG launched collectible premium wine-backed tokens, becoming the first ones under the new blockchain rules. Assets tokenized through Sygnum’s platform, Desygnate, will be recognized under a new category of....

Collections of South Africa’s fine wines were recently sold as non-fungible tokens (NFTs) with one lot being sold for $79,000. Immediately following the auction, two lots were reportedly paid for using bitcoin. Lots Exceed Estimates Collections of fine wines made by some of South Africa’s leading producers have been sold as non-fungible tokens (NFTs) in what has been described as a first for the country’s wine industry. The auction, which was conducted by fine art auctioneer Strauss & Co, saw some lots, like Klein Constantia’s Vin de Constance....

Everledger, a London-based startup, has entered into a strategic partnership with IBM to develop and deploy a blockchain-based system that will be utilized to crackdown wine fraudsters. Currently, wine manufacturers verify and authenticate fine wines with paper records and physical certificates. A few particular elements on the records or certificates including stamps and signatures are supposed to prevent wine fraud and help authenticators verify the origin of the wine. However, unlike cryptographic signatures, conventional signatures written by hand are easy to replicate. Paper....

As Georgia seeks to bring its millennia-old wine industry into the 21st century, it is collaborating with blockchain platform Wiv to put the nation’s winemakers in front of a global audience of wine collectors, producers, and merchants. Move Brings Wines and Accompanying Provenance to Blockchain Although not well-known on the global wine stage, Georgia has a long and storied history of wine production that dates back more than 8,000 years. Much of the winemaking techniques remain unchanged for millennia, with producers still employing traditional methods that involve clay storage....

WiV Technology, a blockchain-based project focused on the fine wine industry and non-fungible tokens (NFTs), announced it raised $1.5 million in fresh capital to further accelerate the development of its platform for tokenized fine wine. The funding round attracted participation from RedCave Ventures, Daniel Maegaard, SuperNatural, 1010 Capital, StableNode and Tokenization. These investors participated by […]