Investment in share tokens – Aktionariat AG show the way

Tokenizations of assets are more clearly regulated in Switzerland compared to other European countries thanks to the Digital Layer Technology (DLT) law. The “Blockchain Law” has been in force since February 1, 2021, and enables the tokenization of assets such as wine – the crypto bank Sygnum, for example, makes it possible. Aktionariat AG, on the other hand, is about shares, of which investors can acquire shares in the form of tokens.

Trading tokenized shares via app

Aktionariat AG is a company based in Erlenbach, Switzerland. The company uses blockchain technology and thus offers tokenized shares. These are Ethereum tokens based on the ERC-20 token standard. The tokens are subject to the “Security Token Guidelines” of the Swiss Blockchain Federation (see box).

List more companies on the exchange

Only a fraction of Swiss companies are listed on the stock exchange. Aktionariat AG wants to remedy this deficiency with the help of the blockchain. The majority is not available for investment. But thanks to the tokens, new opportunities are opening up for investors and companies. The former gain access to significantly more investment opportunities, the latter can enjoy more capital. At least that is the idea behind it. So far, only very few companies are listed:

• Boss Info AG
• TBo Shares
• Shareholder AG Shares
• quitt-shares
• Green Consensus SA Shares
• i.AM Innovation Lab AG Equity

There were tokenized shares before, but at that time a contract connected the token to the share. If someone doubted, challenged or did not honor the contract, the share did not work either. Now, the law stipulates that the token is the same as the share.

The team behind Aktionariat AG

The founders of the Swiss company are Luzius Meisser and Murat Ögat. Luzius Meisser is a member of the board of directors of Bitcoin Suisse and co-founder of Bitcoin Association Switzerland. Furthermore, he is a member of the Expert Council of the Swiss Blockchain Federation. He holds a master’s degree in computer science and economics. Meisser is involved in several Swiss startups. To date, he is the chief executive of Aktionariat AG. Co-founder Murat Ögat holds the position of CTO. He founded Kuka Apps, a mobile software company based in Istanbul.

Founded in 2020, Aktionariat AG is a public company according to its legal form. It focuses on developing and providing technologies and digital assets.

Legal protection

Aktionariat AG cooperates with the law firm LEXR, which has already gained experience with tokenization of assets. The company does not have a banking license. According to FINMA, this is also not necessary, as the AG only offers a “brokerbot”. It has official confirmation from FINMA for this. The legal basis for the offer is provided by the Blockchain Law (DLT) of February 01, 2021, which regulates “uncertificated securities” that are based on the blockchain.

Aktionariat Shares (DAK) – The Token

Aktionariat AG has its own cryptocurrency in the form of the DAK token. The abbreviation stands for “Draggable Aktionariat AG Shares.” These are shares in the company itself, divided into 1,200,000 tokens. Each share has a nominal value of CHF 0.10. The AG retains 26,180 shares for itself. 300.000 shares are registered as tokens on the Ethereum blockchain. So far, DAK can only be purchased on this platform.

Dashboard for tokenized shares

For companies, Aktionariat AG offers its own corporate dashboard. With the help of smart contracts, they can use the platform to issue their own tokens as company shares. The browser-based tool offers various functions for managing tokenized and non-tokenized shares. The dashboard is primarily a tool for companies, not for investors and private users.

Portfolio app for private users

For private users who use Aktionariat AG to invest in tokenized shares, there is a separate app. This manages the portfolio of Ethereum tokens and shares in the registered companies. Shares and tokens can be bought and sold with the app. Furthermore, it is a self custody wallet for Ethereum tokens. This means that the private keys are stored on the user’s own device. The important data is not on a central server of Aktionariat, but is secure on the smartphone. Furthermore, Ethereum can be purchased in the app using SEPA bank transfer. The payment service “Bity” is available for this purpose. The wallet is built on the WalletConnect protocol, a web3 standard for blockchain wallets and dApps.

The Brokerbot from Aktionariat AG

To simplify the trading of tokenized shares, there is the Brokerbot by Aktionariat. This is available for both companies and individuals with the app. It uses smart contracts based on Ethereum. The function is as follows:

• Each brokerbot has its own address on the Ethereum blockchain.
• Trading takes place peer-to-peer directly on the blockchain.
• Companies themselves can determine the base price of their tokenized shares. The total price based on this is subsequently calculated by the brokerbot depending on the trading activity.
• Investors can pay for token purchases with Ethereum, via bank transfer or with the Stable Coin CryptoFrancs (XCHF).

Digital Shareholder Registry

In order for a company to digitally certify its shares on Aktionariat AG, it must register. The procedure for this is purely digital and also relies on tokens, the so-called “shares”. More precisely, it is a blockchain-based token registry with an ERC-20 token. Aktionariat continues to maintain a regular database, which is directly linked to the blockchain addresses. This is updated automatically.

Widgets and tools for investors

The offering includes widgets for companies to integrate their own tokens into company websites. This allows visitors to see what tokens the website operator is offering, what the price is and how the price has developed in the past. An integrated form for registering as an investor is also available. The widgets can be customized, for which you have to contact the staff directly.

Good idea, but where are the tokens?

Tokenized stocks and securities are one of many blockchain achievements. They allow investors to own even small shares in companies without much bureaucracy and thus participate in the performance. However, the selection at Aktionariat AG is still very small so far. The data on Etherscan also shows a very low trading volume. Reasons could be regulatory uncertainties. Lack of knowledge or simply no interest on the part of companies could also ensure that only a few offer tokenized shares so far.

Aktionariat AG profile

What is the Swiss Blockchain Federation?
The Swiss Blockchain Federation is a public-private partnership with the goal of advancing Switzerland as a blockchain location. To this end, private companies and Swiss authorities are working together. Members include the University of Zurich, Swisscom, Tezos Foundation, Crypto Valley Assocation, Lucerne University of Applied Sciences and Arts, Bitcoin Suisse AG and Bity.

FAQ – Frequently Asked Questions