PRESS RELEASE: Berlin – March 22nd, 2022
Bitbond today officially launched its new product Token Tool which enables Web3 powered asset tokenization.
Token Tool by Bitbond is a Web 3 Asset Tokenization Application
Token Tool is a publicly accessible utility that lets users create tokens on Ethereum, Polygon, Avalanche and BNB Chain (formerly Binance Smart Chain). Users can configure and create blockchain tokens on supported networks without prior registration, simply by connecting their Web3 wallet via Metamask or Wallet Connect.
With the Manage Token functionality, further tokens can be minted or burned, paused and individual addresses blacklisted. Moreover, users can create a liquidity pool on the most popular decentralized exchanges on the respective blockchains. This way, Token Tool gives token issuers the opportunity to benefit from DeFi in a convenient and accessible way.
The functionality of Token Tool will be expanded over time. Further token standards as well as a token sale launchpad are on the roadmap. Currently, Token Tool supports ERC20 tokens and Non Fungible Tokens (NFTs) that follow the ERC721 token standard. This lets content creators issue NFTs independently at low cost without any smart contract programming skills.
Token Tool can be used to tokenize financial assets such as bonds or stocks, utility tokens, stable coins and non-financial assets such as digital collectibles, authenticity certificates or digital art.
Token Tool is used by financial institutions, businesses, as well as individual token issuers and content creators. The first bank to use Token Tool is Munich based Bankhaus von der Heydt which plans to issue tokenized securities under the German Electronic Securities Act (eWpG) with Token Tool.
By supporting Wallet Connect and Metamask Institutional, Token Tool is compatible with sophisticated custody solutions such as Fireblocks or Qredo which are equipped with advanced security features such as multi-party computation and transaction approval capabilities. This allows for multi-signature approvals of token creation and token management.
Fees for Token Tool are aimed to be significantly lower than those for comparable solutions. Token Tool commoditizes tokenization by being publicly accessible instead of being an enterprise-only solution.
About Bitbond
Bitbond is a Berlin, Germany based financial technology company with a focus on asset tokenization and digital assets. Bitbond conducted the first Security Token Offering (STO) in Germany with a securities prospectus approved by BaFin in 2019. Bitbond works mainly with banks and other financial intermediaries in the areas of tokenization and custody of digital assets based on blockchain technology.
