Annerton advises Volksbank Mittweida on TresorToken for precious metals
Frankfurt am Main, 18 April 2023 – Annerton, one of the leading German law firms in the field of blockchain technology, has successfully advised Volksbank Mittweida eG on the launch of a novel blockchain-based safe deposit box, the TresorToken for precious metals.
For many years, the Volksbank Mittweida eG cooperative bank has been active in the field of DLT (distributed ledger technology) as one of the pioneers in the European banking sector. After issuing a tokenised registered bond for the first-time last year, the bank is now introducing an innovation of the classic custody contract with the TresorToken for precious metals. The TresorToken project is the first to use NFTs to represent individual precious metal assets. Customers can see their precious metal, which is held in individual safe custody in the bank’s vault, via a digital photo. This works with gold, silver, platinum and palladium in all sizes as coins or bars.
From the planning to the implementation of the project, the FinTech law firm Annerton supported the bank in all questions regarding regulatory as well as civil law. “Volksbank Mittweida has once again proven that a traditional bank with simple products can bring blockchain technology closer to its customers. We are very grateful that we were able to support Volksbank Mittweida in this respect once again,” explains Annerton partner Alireza Siadat. The Lawyers Alireza Siadat, Kemal Ahmedi, Dr Franz Ringel, Till-Christopher Otto, Dr Steffen Rapp and Svetlana Ulrici formed the Annerton team for this project.
As a long-standing existing client, Annerton regularly supports Volksbank Mittweida in blockchain-relevant topics and, among other things, took over the full range of consulting for its first financial instrument tokenisation last year.
Annerton is an independent law firm specialising in regulatory law in the financial industry. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups from the banking, financial services and digital economy sectors. Annerton has its offices in Berlin, Frankfurt am Main, Munich and Luxembourg with more than 26 lawyers, two tax advisors and other team members. Information: www.annerton.com.
Annerton Rechtsanwaltsgesellschaft mbH
Lawyer & Partner
60323 Frankfurt a. M.
M +49 176 747 23 068