Proof-of-stake blockchain NEM (XEM) is preparing for a token migration in December alongside the public launch of the Symbol (XYM) blockchain.

Speaking
to Cointelegraph, NEM Group CIO and NEM Ventures managing director,
Dave Hodgson, revealed that Symbol will host at least two products at
launch.

Symbol will host the Wave Financial Whiskey Fund, which
offers a tokenized representation of ownership in 25,000 barrels of
2020-vintage bourbon worth more than $4 million. The platform will also
host LBCOIN, collectible crypto assets that commemorate Lithuania’s 1918
declaration of independence issued by the country’s central bank. Both
products were previously hosted on NEM.

Hodgson highlighted the
benefits that fractionalization will offer traditional asset classes,
noting that Wave’s whiskey fund will offer investors exposure to an
asset class that would traditionally be very hard to access “if you
couldn’t afford to go and buy 4,000 barrels of whiskey. 

The
executive also predicted that fractional ownership will offer investors
in emerging markets like Africa and South-East Asia greater access to
equities products, highlighting the efficiency saving blockchain offers
to the sector:

“[Equities] are ripe for disruption, the current
model is too siloed and the mechanisms by which equities are transferred
is too slow and too expensive.”

Hodgson described Symbol as a hybrid blockchain built for enterprises with a focus on interoperability and security tokens.

Symbol
can be deployed as either a public or private chain, offering
enterprises guarantees that sensitive proprietary information will not
be broadcast across an open blockchain network.

The blockchain
facilitates cross-chain swaps between the Ethereum and Bitcoin
blockchains, with plans to support additional networks in the future.
Hodgson emphasized the importance of cross-chain interoperability among
institutions, noting expectations that the future will bring a crypto
ecosystem comprising multiple specialized blockchains operating in
symbiosis.

XEM holders can convert their tokens into XYM at a 1:1 ratio in December, however, they must opt-in for the snapshot beforehand.

source link : https://cointelegraph.com/news/symbol-blockchain-to-host-whisky-fund-and-central-bank-collectibles-at-launch