Banking on Digital Assets:

How Traditional Finance is Investing in Blockchain

2025
Banking on About Ripple
Ripple is the leading provider of digital asset
infrastructure for financial

Digital Assets:
institutions—delivering simple, compliant,
reliable software that unlocks efficiencies,
reduces friction, and enhances innovation in
global finance. Rippleʼs solutions leverage the
XRP Ledger and its native digital asset, XRP,
How Traditional Finance is which was purpose-built to enable fast,
low-cost, highly scalable transactions across

Investing in Blockchain developer and financial use cases. With a

proven track record working with regulators
and policymakers around the world, Rippleʼs
payments, custody and stablecoin solutions are
pioneering the digital asset economy—building
credibility and trust in enterprise blockchain.
Together with customers, partners and the
developer community, we are transforming the
Contents way the world tokenizes, stores, exchanges,
and moves value.

3 Introduction About CB Insights

CB Insights is the leading provider of AI for
4 Methodology market intelligence. The company aggregates,
validates, and analyzes hard-to-find private and
public company data. Its powerful AI tells users
4 A Primer on Blockchain what it all means to them personally. The
worldʼs smartest companies rely on CB Insights
5 A Macro Look at the Data to focus on the right markets, stay ahead of
competitors, and identify the right targets for
sales, partnership, or acquisition.
6 Zooming in on Banks

7 GSIBs About UK CBT

The UK Centre for Blockchain Technologies UK
9 Expert View CBT) is a leading national hub for blockchain
innovation and expertise, uniting the University
of Oxford, the University of Birmingham, and
11 Conclusion University College London UCL) to shape and
advance the UKʼs blockchain agenda. Its
12 Glossary of Key Terms mission is to position the UK as a global leader
in the development and responsible adoption of
blockchain by fostering collaboration across
academia, industry, and government. Through
cutting-edge research, inclusive education,
community building, and policy engagement,
UK CBT empowers stakeholders and unlocks
blockchainʼs potential for business and society.

2
Introduction

The banking sector has evolved through the years due, in

large part, to a number of technological advancements:
telephone banking in the 1980s; internet banking and the
e-commerce boom in the 1990s; mobile banking in the
2000s; the growth of machine learning and artificial
intelligence over the past decade; and now, blockchain and
digital assets integrating with traditional finance.

Institutions are responding to rising client demand for The U.S. has made progress on this front, with the
exposure to digital assets by offering access to FDIC3 and SEC4 providing new guidance for financial
crypto exchange-traded products ETPs. A recent institutions engaging with digital assets, and the
Citi report1 found that global stablecoin transaction GENIUS Act, passed by the U.S. Senate on June 17,
volumes reached $650700 billion per month during 2025, which would establish federal oversight for
the first quarter of 2025, and that adoption will stablecoins.5 Additionally, the EUʼs National
continue to climb as the efficiency gains (faster Competent Authorities NCAs,6 the Dubai Virtual
transactions, global access, low cost, 24/7 Assets Regulatory Authority VARA, and the
availability) are realized across traditional finance. Monetary Authority of Singapore have taken action
to reduce ambiguity in digital asset regulation. In
Proliferation of blockchain technology has not only tandem, public-private collaboration is narrowing the
piqued the interest of major finance players, but it crypto knowledge gap and shifting perspectives
has also spurred new business models for fintechs across traditional finance.
and crypto businesses to carve out their own share
of the financial services pie. Traditional financial With regulatory progress, banks are
institutions have begun partnering with
crypto-forward businesses on initiatives like
slowly but surely moving into the
tokenization; for example, JP Morgan Chase recently digital asset space as the benefits of
completed its first public blockchain transaction,2 integrating blockchain technology into
settling tokenized U.S. treasuries with support from
crypto businesses Chainlink and Ondo Finance.
finance become impossible to ignore.

Real-world use cases for blockchain are being Now, weʼre entering into a new era of survival of the
integrated into financial systems worldwide, fittest. With growing institutional demand for digital
and while crypto was initially met with skepticism, asset services and tokenization of financial assets,
legislators are recognizing the need for regulatory the question on many minds is: Will banks maintain
clarity to protect consumers and support their place at the top of the finance food chain?
responsible innovation.
Read on for an inside look at how, where, and why
banks are investing in blockchain technology and
digital asset applications.

1 4
https://www.citigroup.com/rcs/citigpa/storage/public/GPS_Report https://www.sec.gov/rules-regulations/staff-guidance/
_Blockchain_Digital_Dollar.pdf staff-accounting-bulletins/staff-accounting-bulletin-122
2 5
https://fortune.com/crypto/2025/05/14/jpmorgan-chase-kinexys https://www.congress.gov/bill/119th-congress/senate-bill/394/text
-digital-payments-ondo-chainlink/ 6
The EU regulation MiCA Markets in Crypto-Assets Regulation) is enforced
3
https://www.fdic.gov/news/press-releases/2025/ primarily by National Competent Authorities NCAs within each EU member
fdic-clarifies-process-banks-engage-crypto-related-activities state, with oversight and harmonization efforts from the European Securities
and Markets Authority ESMA) and the European Banking Authority EBA
3
BANKING ON DIGITAL ASSETS

Methodology

Ripple partnered with CB Insights and the UK Centre for Blockchain

Technologies to explore how banks have made global investments
in the digital asset ecosystem between 20202024. CB Insights
reviewed the activity of more than 8,000 blockchain companies and
1,800 banks (financial institutions providing banking services to
consumers and/or businesses) as part of this analysis. The findings
include activity around direct investment, mergers and acquisitions,
and partnerships.

Blockchain companies build, apply, and analyze blockchain and

cryptocurrency technologies for business or consumer use cases.
These include blockchain infrastructure and development,
decentralized finance DeFi, Web3, Non-Fungible Tokens NFTs,
gaming, blockchain in supply chains, enterprise blockchain, metaverse,
institutional crypto and digital asset custody, and crypto mining. See
CB Insightsʼ blockchain collection7 to learn more. References for
subsets of banks analyzed include the Financial Stability Boardʼs 2024
list of GSIBs Global Systemically Important Banks) and the FDICʼs list
of U.S. banks.

Unless otherwise noted, all funding, investment, and deal data cited is
sourced from CB Insights.

A Primer on Blockchain

A blockchain is a decentralized, immutable,

digital ledger that cryptographically records
transactions in a sequential chain of blocks, giving
rise to the term ‘blockchainʼ.

But not all blockchains are created equal. Different blockchains serve
different purposes and use cases, including long-term storage of value,
enabling smart contracts, streamlining cross-border payments and more.

When applied to finance, blockchain technology can:

● make markets accessible 24/7/365;

● automate manual processes like settlement and reconciliation;
● improve liquidity of financial assets;
● drive additional revenue streams through new digital
asset use cases;
● offer a new type of governing structure (e.g., decentralized
autonomous organizations);
● reduce intermediaries and costs associated with
global transactions;
● democratize access to digital assets and financial services.
7
https://app.cbinsights.com/cxn/2853/4324

4
BANKING ON DIGITAL ASSETS

The underlying technology that powers the

movement and management of digital
assets—cryptocurrencies, stablecoins, tokenized
real-world assets, etc.—is not only making finance
dramatically more efficient, itʼs proving innovative
90%
of global finance leaders believe
new use cases and transforming the industry. blockchain and digital assets will
have a significant or massive
impact on finance
For example, blockchain can enable fractional
ownership of tokenized assets and foster greater
synergy between issuers and investors. Lowering the
financial barrier to entry expands access to financial
instruments and increases the number of investors,
benefiting the market as a whole. A Macro Look at the Data
Additionally, crypto-enabled global payments and
programmable smart contracts are strong use cases There are many ways to integrate digital assets and
for blockchain already revolutionizing finance. blockchain into finance. From portfolio diversification
Market participants seem to agree that this and offering customers access to crypto-enabled
technology will have profound effects on the industry payments, to digital asset custody services and
as we know it. tokenizing financial assets like bonds, mutual funds,
equities and more.
Funding to stablecoin companies is projected to
increase tenfold in 2025 compared to 2024 levels The decision to “build vs buyˮ—developing digital
per CB Insightsʼ data. Combined with recent bank asset capabilities in-house vs partnering with,
initiatives to issue their own stablecoins, this surge investing in or acquiring a digital asset service
reflects the banking sector's growing interest in provider—remains one of the most important
harnessing blockchain technology while avoiding the considerations for businesses in the early stages of
price volatility that characterizes some other implementing a blockchain strategy.
cryptocurrencies.
We took a closer look at how major financial
Rippleʼs survey of more than 1,800 global finance institutions are executing on their “buyˮ strategies by
leaders found that 90% believe blockchain and reviewing public investment activity in blockchain
digital assets will have a significant or massive companies between 20202024.
impact on finance in the next three years. And
Boston Consulting Group estimates that tokenized Between 20202024, over $100B was
assets will surpass $18T by 2033, reflecting a CAGR invested in blockchain companies across
of 53%. more than 10,000 deals.

Sentiment is trending positively within finance as well This includes 219 mega-rounds $100M, the most
as market analysts, and CB Insights data on common of which were seed and seed VC rounds.
blockchain-based investment activity across the
The majority of blockchain companies that attracted
banking sector reinforces this bullish perspective.
funding are based in the U.S., followed by Singapore,
Canada, and the UK. This scattered global adoption
coupled with the relatively nascent nature of the
technology (and regulation) proves it really is anyoneʼs
race to win—and the competition is heating up.

5
BANKING ON DIGITAL ASSETS

Zooming in on Banks

The research found that from 20202024, global

banks in particular took part in 345 investments in
345
From 20202024 global banks
took part in 345 investments in
blockchain companies, the majority of which were
blockchain companies.
early-stage—seed funding and series A funding. This
may be because the blockchain industry is still in the
early stages of development, but it could also point to
an eagerness to move quickly on digital asset
integration. Banks are generally more conservative In March of 2024, Japanʼs SBI Group led the Series
investors, so funding a startup suggests that the FII funding round for Germanyʼs embedded finance
blockchain companyʼs use case aligns with the bankʼs platform Solaris, raising more than $104M.10 Solaris
long-term strategy. has pioneered a number of key digital asset
initiatives across Germany including helping launch
Banks participated in 33 blockchain-related the countryʼs first digital asset trading venue as well
mega-rounds between 20202024. Bank investments as its first regulated security token offering.
came primarily from the U.S. and Japan, followed by
Singapore, France and the UK. SBI Group—a Japanese Solaris offers custodial solutions in combination with
financial institution that spans banking, brokerage, digital banking services. More recently, SBI Group
asset management, and insurance among other expanded its global footprint by acquiring a majority
businesses—and Goldman Sachs were particularly stake in Solaris.11
active investors, alongside SCB 10X, the investment
arm of SCBX Group, based out of Thailand. This is just one example of the growth opportunity in
the digital asset space: Early movers like SBI are
Of the 33 mega-round deals, the use cases combining their traditional financial network and
that garnered high levels of interest expertise with in-demand modern financial services
included: institutional infrastructure related offered through crypto businesses.

to trading, staking, and tokenization 27%;

There was one notable blockchain-related banking
payments 24%; and digital asset custody deal that surpassed $1B during this time period. The
21%. New York Digital Investment Group NYDIG) growth
equity round took place in late 2021 and brought in
Three of the 33 mega-rounds noted took place in $1B from investors like MassMutual, New York Life,
2024. In May, Brazil-based fintech CloudWalk received and Morgan Stanley to support development of
$312.95M in funding from Banco Itaú,8 and another NYDIGʼs bitcoin platform.12 Earlier that same year,
$444M in funding from BTG Pactual and Banco Safra Morgan Stanley was named the first major U.S. bank
last December. Founded in 2013, CloudWalk leverages to offer high net worth clients access to bitcoin
blockchain technology to enable streamlined domestic funds.13 While the NYDIG deal was phased out in
payments for merchants across Brazil and has recently 2024, Morgan Stanley quickly rolled out a bitcoin
expanded into the U.S.9 exchange traded fund ETF) offering through
BlackRock and Fidelity funds—just months after the
U.S. Securities and Exchange Commission SEC
approved spot bitcoin ETFs.14

8 12
https://www.cloudwalk.io/newsroom/cloudwalk-owner-of-infinitepay-raises https://www.prnewswire.com/news-releases/nydig-announces-1-billion-
-fidcs-to-expand-sme-operations funding-round-301444063.html
9 13
https://www.techloy.com/infographic-top-latam-startup-funding-week-492024/ https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-
10
https://newsroom.solarisgroup.com/235904-solaris-raises-eur-96-million-in-funding us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html
14
11
https://newsroom.solarisgroup.com/248141-solaris-investor-sbi-completes- https://www.cnbc.com/2024/08/02/morgan-stanley-wealth-advisors-bitcoin-etfs.html
ownership-process

6
BANKING ON DIGITAL ASSETS

While these deals reflect strong momentum, it is Investments in Blockchain Companies by GSIBs
important to note that 2022 saw a decrease in bank 20202024
investment activity in blockchain companies in line
with the crypto winter—a period of declining crypto
prices and low trading volume. Following the
subsequent FTX collapse in November of the same
106
GSIB investments in blockchain companies
year, the dollar value of global banksʼ dealmaking
activity dropped in 2023 to $560M.

Although 2024 activity was low compared to the

14
Mega-round deals $100M
three years prior, the dollar value of global banksʼ
dealmaking activity actually increased from 2023
to 2024.
18
investment deals made by Citigroup
and Goldman Sachs
Global Systemically Important
Banks GSIBs
15
investment deals made by JP Morgan Chase
Examining the blockchain investment activity among and Mitsubishi EFJ Financial Group

Global Systemically Important Banks GSIBs can

help paint a clearer picture of their long-term digital
asset strategy and confidence in the technology. 16
partnerships in 2024 including
Blockchain-based ETF provider Wisdom
Following the 2008 financial crisis, GSIBsʼ activity Tree and BNY Mellon
has fallen under intense scrutiny; operating under a
microscope means investment decisions must be
made with careful consideration. Source: CB Insights

Movement into the blockchain space by GSIBs

helps legitimize the technology, signalling that
real-world applications have matured enough to be
put into practice, certain use cases are both scalable
and commercially viable, and digital asset regulation
is progressing.

During the period examined, we found that GSIBs

commonly partnered with other banks to jointly
invest in blockchain companies, instead of investing
independently. We also found that this sector
preferred partnerships—largely with crypto
exchanges—and investments over full acquisitions.
This is common for emerging technology
investments and offers GSIBs the agility to gain a
seat at the table and leverage a faster time to market
without the extensive operational burdens that
accompany an acquisition.

7
BANKING ON DIGITAL ASSETS

Total
Blockchain Investment Year founded funding
company Year & headquarters to date GSIBs that invested Use case

Talos Series B, 2022 2018, $145M BNY Mellon Digital asset trading:
United States Citigroup Institutional trading
Wells Fargo platform providing
lifecycle
management and
connectivity across
crypto exchanges,
OTC desks, and
prime brokers

Fnality Series B, 2023 2019, $158.5M BNP Paribas Wholesale

United Kingdom Goldman Sachs payments:
DLT-based payment
The round included systems for 24/7
additional funding from digital cash
Fnalityʼs Series A settlement between
investors, including banks, fully backed
GSIBs: by central bank
BNY Mellon funds
Barclays
Santander
State Street
Sumitomo Mitsui.

Partior Series B, 2024 2021, Singapore $111M JP Morgan Chase Payments:

Standard Chartered Real-time
cross-border
multi-currency
clearing and
settlement via unified
blockchain ledger

HQLAx Series C, 2024 2017, $17.54M HSBC Tokenization:

Luxembourg BNP Paribas Real-time transfer of
Citigroup security ownership
Goldman Sachs tokens in securities
JP Morgan Chase finance and repo
markets

TradeWaltz Equity Funding, 2020, Japan $6.49M MUFJ Supply chains:

2024 Mizuho Digitization and data
Sumitomo Mitsui transfer of analog
trade procedures;
blockchain-based
cross-border trade
solutions

Source: CB Insights

8
BANKING ON DIGITAL ASSETS

Expert View
Francesco Pierangeli
Director MSc in FinTech, University of Birmingham
Deputy Director, UK Centre for Blockchain Technologies

Raising Security Standards

Once seen as a fringe use case for crypto-native The result was the first real-world application of
startups, tokenization is now set to become a key quantum-secure technology in digital asset trading.
part of traditional finance. Industry leaders such as This included deploying post-quantum cryptography
BlackRockʼs CEO have called it “the next generation PQC) and quantum random number generation
for markets.ˮ Indeed, the Boston Consulting Group in QRNG) in collaboration with Quantinuum. In short,
partnership with Ripple now estimates tokenized these technologies are designed to protect tokenized
assets will surpass $18T by 2033.15 assets from emerging cyber threats, such as the risk
posed by quantum computers capable of breaking
An example of this institutional embrace is HSBCʼs today's encryption protocols.
move into tokenized precious metals. What began in
2023 for institutional clients quickly evolved into a A 2024 analysis by the Global Risk Institute
full retail offering, with the HSBC Gold Token estimated a 34% chance that quantum computers
launched in March 2024 in Hong Kong.16 Available capable of breaking RSA2048—the public-key
through HSBCʼs online and mobile platforms in Hong cryptography standard used in financial
Kong, the product allows individuals to acquire systems—will be operational by 2034, rising to
fractional ownership of physical gold in a secure, nearly 80% by 2044.18 This timeline puts urgent
regulated manner. Such initiatives underscore how focus on quantum-proofing the cryptographic
tokenization can enhance liquidity and inclusivity in underpinnings of digital assets.
financial markets by making investments in assets
like gold more accessible and efficient. The HSBC pilot also demonstrated interoperability
across different ledgers, bridging private and public
What is particularly noteworthy is how HSBC is blockchain environments and transferring assets
thinking about what comes next. across networks using the quantum-hardened
system. In this context, HSBCʼs work exemplifies how
Todayʼs tokenized assets and cryptocurrencies a bank can move beyond experimentation and begin
rely on cryptographic algorithms (e.g., RSA or actively preparing the cybersecurity posture these
elliptic-curve signatures) to secure transactions new assets will require.
and ownership.

In September 2024, HSBC became the first

global bank to pilot quantum-secure
technology for buying and selling
tokenized gold.17

15 17
https://ripple.com/ripple-press/global-financial-infrastructure-entering-a-new-era/ https://www.gbm.hsbc.com/en-gb/insights/innovation/asset-tokenisation-in-
16
https://www.hsbc.com/news-and-views/news/media-releases/2024/hsbc- the-quantum-age
18
pilots-quantum-safe-technology-for-tokenized-gold https://globalriskinstitute.org/publication/2024-quantum-threat-timeline-report/

9
BANKING ON DIGITAL ASSETS

The Role of Regulation Future Outlook

The future financial infrastructure powered by digital Large global banks Tier-1 institutions) have led the
assets will also require robust regulation and way since 2020, pouring resources into in-house
standards. The ISO 24165 standard, introduced in digital asset platforms, consortia, and venture
2021, assigns a unique Digital Token Identifier DTI investments. These efforts have yielded visible
to each digital token: a 9-character code that milestones (e.g., JP Morganʼs Kinexys network for
provides a universal reference for tokens across tokenized deposits or HSBC Orion powering
platforms.19 This framework fills a gap left by tokenized gold and bond issuances). Empirical
traditional identifiers (like ISIN for securities) which studies are beginning to document the effect of
cannot easily accommodate onchain assets. blockchain technology on the financial sector.

One initiative worth highlighting is the DTI standard When it comes to smaller institutions such as
maintained by the DTI Foundation. Similar to how regional and community banks, their approach has
ISIN codes work for traditional securities, DTI codes been more cautious. Many mid-sized banks have
provide a standardized, universal identifier for digital opted to partner with fintech firms or join industry
tokens. Over 2,000 tokens have already been utility platforms rather than build proprietary systems
assigned codes, creating the foundation for from scratch (e.g., Western Alliance Bank enabling
consistent tracking, reporting, and risk management business clients to tokenize and transfer deposits).21
across jurisdictions.20 While broad-based adoption among smaller banks is
nascent, a national survey in 2022 found that 11% of
Standards are essential not only for helping U.S. community banks reported plans to launch
regulators monitor activity but also giving institutions crypto-asset services22 there is growing recognition
a common language to integrate digital assets of shifting bank attitudes, client demand, and
into existing systems. Whether itʼs pricing, clearing, competitive pressure to innovate.
or compliance workflows, the infrastructure needs
to speak the same language. DTI is a step in As illustrated in this report, the tokenization of
that direction. real-world assets is already reshaping the way
financial institutions think about product design,
The regulatory climate is also finally catching up, market access, and infrastructure. The next chapter
providing clarity for banks to operate in the space. will be about scale and trust, allowing blockchain and
Such regulatory certainty—like that of the EUʼs MiCA tokenized assets to become a natural part of banksʼ
or Dubaiʼs VARA—is expected to encourage greater toolkits across the industry.
institutional participation in tokenized markets.

These developments exemplify how public-sector

frameworks and standards are evolving in tandem
with industry innovation.

Continued collaboration between

11%
of U.S. community banks
regulators and the private sector will be reported plans to launch
crypto-asset services.
vital to ensure digital asset ecosystems
flourish at scale.

15 17
https://ripple.com/ripple-press/global-financial-infrastructure-entering-a-new-era/ https://www.gbm.hsbc.com/en-gb/insights/innovation/asset-tokenisation-in-
16
https://www.hsbc.com/news-and-views/news/media-releases/2024/hsbc- the-quantum-age
18
pilots-quantum-safe-technology-for-tokenised-gold https://globalriskinstitute.org/publication/2024-quantum-threat-timeline-report/

10
Conclusion

From robust investment activity

and forward-thinking security
developments to global regulatory
clarity and implementation, itʼs clear
that the banking sector is taking
blockchain seriously.

This technology is no longer a peripheral experiment but rather, a

foundational pillar of modern financial infrastructure. Its application
across a number of finance use cases is expanding rapidly, with
real-world traction and institutional capital following suit.

Forward-thinking banks are not only investing in blockchain

companies, but also actively integrating this into their own systems
and shifting from exploration to execution. These are strategic
moves that reflect blockchainʼs ability to offer a competitive edge in
the near-term and a competitive necessity in the long-term.

11
GLOSSARY OF KEY TERMS

For clarity, we define key terms that underpin the GSIB

innovations discussed in this report. Global systemically important banks, or GSIBs, are
financial institutions perceived as “too big to failˮ
Blockchain without causing a financial crisis due to their size,
Blockchain technology creates a record of transactions interconnectedness, complexity, lack of
across computers that cannot be retroactively altered or substitutability, or global scope. The Financial
reordered. The technology offers a way for untrusted Stability Board annually identifies a list of these
parties to reach a consensus on a common digital institutions which should have sufficient
history, preventing fakes or duplicates of digital assets. loss-absorbing capacity available to prevent financial
crises. (source - FSB
Crypto wallet
Crypto wallets offer users a secure and convenient way Non-Fungible Token NFT
to manage and transfer their cryptocurrencies. Instead Non-fungible tokens NFTs are digital assets —
of storing physical currencies, the wallets store the which can range from images to songs to videos —
cryptographic keys needed to access the digital assets that are verified through blockchain technology. NFT
on the blockchain. marketplaces facilitate the minting, buying, and
selling of NFTs. Decentralized gaming and
Decentralized finance DeFi metaverses include token-based gaming economies
Decentralized finance DeFi refers to an ecosystem and virtual worlds powered by blockchain
that enables fast, secure financial transactions that do technology. Many decentralized games and
not rely on central authorities like intermediary banks, metaverses integrate NFTs in some capacity.
credit unions, or brokerages. DeFi protocols include
decentralized exchanges DEXs, derivatives Smart contract
exchanges, lending and borrowing, asset A smart contract is a program deployed on the
management/yield protocols, payments, and insurance. blockchain which automatically runs when certain
conditions are met. Since they are deployed on the
Digital asset blockchain, they cannot be altered after the fact and
Where ‘cryptocurrencyʼ is used to refer to a currency are transparent to all parties.
distributed on a blockchain, ‘digital assetʼ refers to any
asset distributed on a blockchain including Stablecoin
cryptocurrencies; tokenized real-world assets like Stablecoins are digital currencies collateralized
commodities, real estate, stocks, bonds; non-fungible by the value of an underlying asset, such as fiat
tokens; stablecoins. currencies, tangible assets, or cryptocurrencies.
Companies may support the use of stablecoins
Digital asset custody by issuing stablecoins, providing custody
Digital asset custody providers provide the safekeeping infrastructure, or leveraging stablecoins for
of a customerʼs digital assets by storing and securing payments. infrastructure, or leveraging stablecoins
their private keys. for payments.

Distributed-ledger technology Tokenization

Distributed-ledger technology refers to a system where Asset tokenization is the process of converting
a shared record of transactions is maintained across physical or digital assets into digital tokens. These
multiple computers as opposed to a single central copy. tokens are issued, tracked, and traded on a
The ledger is typically secured using cryptography and blockchain network. Providers may issue tokens
requires agreement from the network to validate new supported by capital markets (e.g., securities, funds),
transactions or additions to the ledger. real estate, art, land, or other physical goods.

Governance Web3
This concept includes the policies, guardrails, and Web3 is a decentralized internet built on an open,
best practices used to store, retrieve, and manage permissionless blockchain network. Web3
digital assets. applications include decentralized finance DeFi,
NFTs, gaming, worlds/metaverses, social media,
content, identity, and data.

12