A Picasso canvas will be put up for sale on the blockchain in the form of
"tokenized"
shares
, which are similar to shares, announced Thursday the Swiss bank Sygnum, specializing in digital assets.
Entitled
Fillette au béret
, this oil on canvas 65 by 54 centimeters from 1964, is valued at 4 million Swiss francs (3.6 million euros), indicates the Zurich bank in a press release.
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It will be put on sale in partnership with the American fund Artemundi, specializing in investments in art.
Its sale through
blockchain
technology (or
"blockchain"
) in the form of tokens that are similar to shares should allow investors to buy shares of the web but also, as on the stock market , to negotiate and trade them on a secondary market where sellers and buyers will be put in touch by Sygnum.
Digital currencies backed by a large currency
The shares or
"tokens"
of the web will be put on sale with a minimum subscription price of 5,000 Swiss francs, specifies the crypto-bank which insists on the fact that the establishment is regulated by Finma, the supervisory authority of markets in Switzerland.
Transactions will be made in Swiss francs through the stable tokens issued by Sygnum, which are more stable forms of digital currencies backed by a major currency.
The canvas itself will be stored in a highly secure warehouse for works of art.
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With this sale in the form of shares on the blockchain, the crypto-bank intends to lower the barriers to entry to the art market, and
"open a universe of unique investment opportunities"
and
"accessible everyone, ”
said Mathias Imbach, co-founder and managing director of Sygnum Bank, quoted in the statement. The subscription remains however intended for professionals and institutional investors. In 2019, Sygnum was one of the first two blockchain financial service providers to obtain the title of bank from Finma, making it one of the first crypto-banks in the world.
