Symbol (XYM), an upcoming enterprise and a security token-focused blockchain company, plans to host a whisky token and Lithuania’s central bank collectible tokens at its launch.

NEM Blockchain Behind Symbol 

The team behind Symbol is proof-of-stake blockchain NEM (XEM). <a href="https://www.cryptoknowmics.com/news/nem-new-partnership-boost-its-market-by-20/">NEM</a> is gearing up for its upcoming token migration that’s going to be held in December 2020, alongside its public launch of Symbol (XYM) blockchain.

NEM Group CIO and NEM Ventures managing director, Dave Hodgson, <a href="https://cointelegraph.com/news/symbol-blockchain-to-host-whisky-fund-and-central-bank-collectibles-at-launch">reveals</a> that Symbol will host at least two products at launch time. The Wave Financial Whiskey Fund represents a tokenized ownership of over 25,000 barrels of 2020-vintage bourbon valuing more than $4 million. Symbol will also host Lithuania central bank’s collectible assets LBCOIN, commemorating Lithuania’s 1918 declaration of independence, issued by the central bank itself.

Meanwhile, NEM blockchain has hosted both these products previously.

Whiskey Fund Provides Accessibility To Investors

Hodgson notes that Wave’s whiskey fund can offer investors the exposure to an asset class that would otherwise traditionally be very hard to access “if you couldn’t afford to go and buy 4,000 barrels of whiskey.”

Hodgson says that fractional ownership can offer greater access to equity products to its investors in developing economies such as Africa and South-East Asia. Blockchain, hence in these cases can offer the efficiency of savings in these sectors, while adding:

“Equities are ripe for disruption, the current model is too siloed and the mechanisms by which equities are transferred are too slow and too expensive.”

Symbol blockchain is an amalgamation of blockchain services built for enterprises with its main interest in security tokens and interoperability.

Serving both as a public and private chain, Symbol offers enterprise networks the security that no proprietary information will be broadcasted on an open blockchain network.

The Symbol also facilitates cross-chain swaps between the Ethereum and the Bitcoin blockchains. It plans to further support for additional networks in the coming future.

Hodgson believes that cross-chain interoperability among institutions is a need of the hour while expecting that the future might bring a crypto ecosystem comprising multiple specialized blockchains operating in symbiosis.

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Symbol Plans to Host Whisky Fund and Lithuania Central Bank Collectibles at Launch

Symbol (XYM), a security token-focused blockchain company, plans to host a whisky token and Lithuania’s central bank collectible tokens at its launch.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Symbol Plans to Host Whisky Fund and Lithuania Central Bank Collectibles at Launch

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