Bison Bank advances with first Portuguese stablecoin

Bison Bank is to integrate Bison Digital Assets into its main structure to become the first cryptobank in Portugal.

The bank also intends to make technology and know-how available to clients to launch tokenization’ of assets projects.

This is possible because of the European regulatory framework for digital assets – MICA, which is a legislation which provides clarity and legal security to the issuers of cryptoassets and to cryptoasset service providers.

It means European approval in Portugal means that Bison Bank can deal and invest in cryptoassets on behalf of its clients.

On Tuesday, Bison Bank – an investment bank – announced three initiatives that it considers strategic to achieve its goal of leading financial innovation.

These are: issuing or the first time by a Portuguese bank a stablecoin indexed to a more stable asset; advancing with asset tokenization (Asset tokenization is the process of converting ownership rights of a physical or financial asset into a digital token on a blockchain. These tokens, which represent assets like real estate, art, or bonds, allow for fractional ownership, faster transactions, increased liquidity, and enhanced, transparent, and secure, 24/7 trading) and become the first cryptobank in Portugal.

While a date when these services will become available has not been given, the CEO of Bison Bank, António Henriques says the bank is working hard to launch the services in first half of this year.

SOURCE: Negócios

Photo: António Henriques, Bison Bank.