Making the Eiffel Tower investable via DLT – a conversation with Tom Rieder (ISP Group)

In this episode of the Inside Digital Assets podcast, host Claudio Tognella speaks with Tom Rieder, Head of Digital Assets at ISP Group, about the practical implementation of tokenization in capital markets. The focus is on when tokenized securities and digital assets create real added value for issuers, investors and market infrastructure.

The episode highlights the development from early pilot projects and technological showcases toward concrete use cases. Tom Rieder explains that the success of tokenized assets does not depend on blockchain technology alone, but also on clear business models, suitable investors, regulatory embedding, functioning secondary markets and professional custody.

What does tokenization mean in capital markets?

Tokenization describes the digital representation of rights on a blockchain or distributed ledger technology (DLT). Assets or rights, such as uncertificated securities, participations, real estate shares or other financial instruments, can be represented and transferred in the form of a token.

The podcast makes clear that tokenization is particularly relevant when it creates concrete benefits, such as more efficient settlement, better access to asset classes, new distribution channels or easier transferability.

Why tokenization is not an end in itself

A central topic of the episode is what is referred to as business alignment. Before an asset is tokenized, key questions need to be clarified: Which asset should be tokenized? Which rights are being represented? Who are the target investors? What benefit do issuers and investors gain?

Tom Rieder emphasizes that tokenization is not automatically the best solution. In some cases, a traditional securitization or another bankable structure may make more sense. What matters is the real economic added value.

Which assets are suitable for tokenization?

In the conversation, Tom Rieder mentions various use cases, including real estate projects, pre-IPO shares, private equity participations, fund structures and other asset classes that are difficult to access.

Through smaller minimum investment amounts, tokenization can potentially make such assets accessible to a broader investor base. For tokenized assets to succeed, however, suitable structures, clearly defined rights, regulatory certainty and functioning trading opportunities are required.

Why secondary markets are crucial

An important focus of the episode is the secondary market for tokenized securities. An asset does not automatically become more liquid simply because it is tokenized. Liquidity only emerges through investors, distribution channels, custody solutions, market makers, regulated trading venues and reliable settlement.

This is where BX Digital and Seturion come into play. BX Digital is discussed as a trading venue for tokenized securities, while Seturion is positioned as infrastructure for the settlement of digital assets. Together, such solutions address key requirements of digital capital markets: tradability, regulation, settlement and institutional connectivity.

What role do banks and custody play?

The next phase of tokenization depends heavily on established financial service providers. Banks, brokers, custodians and other regulated market participants can make digital assets more easily accessible to investors.

The decisive factor is that investors should be able to hold and trade tokenized securities as easily as traditional securities, without having to manage wallets themselves, secure private keys or understand technical details.

From technology to capital market infrastructure

The episode makes clear that tokenization is more than a technological innovation. It is part of a broader evolution of capital market infrastructure. Blockchain, smart contracts and digital assets can make processes more efficient, provide access to new asset classes and change the trading and settlement of securities.

In this episode, Inside Digital Assets shows how tokenization is moving from experimentation into practice, and what role regulated infrastructures, institutional market participants and concrete use cases play in the future of digital capital markets.

Key topics: tokenization, digital assets, tokenized securities, blockchain, smart contracts, secondary market, settlement, custody, real estate tokenization, pre-IPO shares, private equity, BX Digital, Seturion, ISP Group, digital capital market infrastructure.

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