TOKO – a freshly established tokenization platform focusing on ‘high-value assets’ – has reportedly released a proof-of-concept, via finalizing the tokenization of a “piece of fine art.”

Specifically, the platform is reportedly a joint initiative between global law firm DLA Piper – with offices across over 40 nations – Aldersgate DLS and Hedera Hashgraph.

Despite possessing the capability to operate throughout any asset class, the team reportedly decided the most appropriate use case “for high value assets in alternative asset classes such as real estate and art.”

TOKO will reportedly operate in markets that have already possessed a clearly defined regulatory framework on asset tokenization, nominally “the UK, Singapore, Switzerland, US, Canada and potentially Australia”. 

Nevertheless, the team is reportedly looking at the local restrictions and regulations” across different potential markets concurrently, with a goal to provide this offering one way or another to all of our clients”.

On its first release date, TOKO finalized the first tokenization of a piece of fine artwork, in which a group of DLA Piper Hong Kong partners have completed payment and commission. 

DLA Piper Technology partner Scott Thiel reportedly remarked that the platform is the end result following “years of research and development” into the “legal issues surrounding security token creation and fundraising”. 

“Our clients understand the technology and smart contracts, and see the benefits tokenisation can provide in terms of the trust and efficiency it can create in fractionalising assets.” One DLA Piper representative reportedly remarked, regarding TOKO’s ability to bring down  the risk of fraud through the strict, timestamped audit trails created through blockchain functionality”.