Italy's central bank taps DeFi projects like Polygon, Fireblocks to help institutions dabble in tokenized assets

Odaily Planet Daily News The Innovation Center of the Bank of Italy will provide support for a DeFi project involving Polygon Labs and encryption custodian Fireblocks to help financial institutions get involved in DeFi and tokenized assets. According to the press release, Milano Hub, the central bank of Italy’s center for developing financial innovation ideas, will support the development of an institutional-grade DeFi security token ecosystem within six months. The platform aims to help traditional financial institutions experiment with security tokens and execute transactions using the DeFi rail in a safe and regulated manner. Consultancy Cetif Advisory will lead the development of the platform, coordinating the work of Polygon Labs, Fireblocks, technology developer Reply, legal and tax consultancy Linklaters and web3 studio DVRS. According to the press release, the project will involve Italian banks, asset managers and financial institutions, including Intesa Sanpaolo, the country's largest banking group, with total assets under management of more than $1 trillion (975 million euros). (CoinDesk)