International collaboration to foster adoption of tokenization
The Hague, Berlin — April 1st, 2020. The International Token Standardization Association (ITSA) and the 2Tokens project join hands to clarify the road to tokenization! Both parties will collaborate towards their common objective of creating a safe, transparent and supporting framework for the adoption of tokenization and DLT-based cryptographic tokens.
2Tokens will employ the International Token Classification (ITC) framework for its internal and external project work. ITSA will support the 2Tokens research team and contribute to the efforts of the 2Tokens mission to publish a set of clear rules and guidelines on how to deal with tokenization.
“We are eager to start using the International Token Classification Framework (ITC) in our workshops, masterclasses, and the roadmap we are currently building. It provides a hand-on guide to the classification of tokens which can be used not only in the Netherlands, but worldwide”
— Alex Bausch, Project leader, 2Tokens.org
Constantin Ketz, Vice Chairman of ITSA, will join the 2Tokens research team and help develop the roadmap with the ITSA experience on token classification.
“The accelerating trend towards tokenization calls at the same time for clear and transparent standardization. Yet, token market standards only make sense when accepted and supported by a majority of market participants across borders and industries. Therefore, we are very much looking forward to our cooperation with 2Tokens in the Netherlands to reduce market fragmentation, drive adoption, and to support a vibrant and very promising ecosystem.”
— Constantin Ketz, Vice Chairman, ITSA
The goals of both organizations are aligned as education and standardization go hand-in-hand: Blockchain, and with it, tokenization, are recent technological developments and hence need to be understood. Educating both issuers and investors in the benefits of tokenization is necessary to drive adoption — token market standards are a requirement to establish a frictionless market that meets the standards of the old financial economy and appeals to its participants. Therefore, combining both topics is an important step to enable tokenization on a broader level.
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2Tokens is a project set to formulate a guide, as part of a larger vision, for any type of organisation which wants to leverage tokens. It is the aim to come to a shared understanding on token finance and, as such, is a public-interest initiative support by a diverse community of technology companies, policy makers, financial advisors, banks, and legal & regulatory experts and academia. The project is sponsored by the European Union and is a joint effort of Blocklab (Port of Rotterdam), YES!Delft (Incubator, Technical University Delft), and LIFT-OFF (Open data economy) with the endorsement of the Erasmus University Rotterdam, TechLeap NL, government, and several industry players. The 2Tokens project has the ambition to raise awareness, stimulate relevant discussions, and bring together knowledge/expertise to reduce the barriers to the adoption of tokenization and help realize the wider social benefits.
About International Token Standardization Association (ITSA)
The International Token Standardization Association (ITSA) e.V. is a not-for-profit association that aims at promoting the development and implementation of comprehensive market standards for the identification, classification and analysis of DLT- and blockchain-based cryptographic tokens. ITSA currently develops and implements the International Token Identification Number (ITIN) as a market standard for the identification of cryptographic tokens, the International Token Classification (ITC) as a standard framework for the classification of cryptographic tokens according to their inherent characteristics, and the International Token Database (TOKENBASE) as standard for the qualitative and quantitative analysis of these tokens.
International Token Standardization Association (ITSA) e.V.