Italy's Central Bank to launch Polygon blockchain asset tokenization project

Italy's central bank will launch the Polygon blockchain asset tokenization project

Regulator aims to help financial institutions take advantage of decentralized finance (DeFi)

Italy's central bank will launch an asset tokenization project using the Polygon blockchain and cryptocurrency storage platform Fireblocks to help financial institutions take advantage of decentralized finance (DeFi) and tokenized assets, Coindesk writes.

The platform is designed to help financial institutions transact with security tokens and execute transactions using DeFi in a secure and regulated manner, the publication writes.

The Polygon native token (MATIC) exchange rate reacted to the news by rising 2.4% to $0.72, according to Binance.

In June lawsuits against crypto exchanges Binance and Coinbase, the U.S. Securities and Exchange Commission (SEC) equated the MATIC token to securities, after which Revolut, Robinhood, eToro, and Bakkt announced its delisting.

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