When will tokenization truly scale? Thomas Eichenberger of Sygnum on digital assets, regulation and market infrastructure

In the latest episode of Inside Digital Assets, Lidia Kurt speaks with Thomas Eichenberger, Chief Strategy Officer and Deputy CEO of Sygnum, about the next phase in the development of digital assets. The conversation focuses on tokenization, regulated secondary markets, liquidity, and the conditions needed for tokenized securities and other digital assets to see broader adoption across the capital markets.

When will tokenization really take off?

Tokenization has been one of the most discussed topics in digital capital markets for years. Yet despite pilot projects and rising institutional interest, one core question remains: when will tokenization move from individual use cases to broader market adoption?

That is exactly the question this episode explores. The conversation makes clear that the next phase is not only about technology. It also depends on market infrastructure, liquidity, regulation, and functioning market models.

Sygnum as a bridge between traditional finance and digital assets

Thomas Eichenberger brings experience from both traditional finance and the digital asset sector. Before joining Sygnum, he worked at BCG, Roland Berger and Credit Suisse. In the podcast, he explains that what initially attracted him was not crypto itself, but the opportunity to help build a bank from the ground up.

Today, Sygnum positions itself as a regulated provider at the intersection of traditional banking and digital asset infrastructure. The goal is to integrate digital assets into existing financial structures in a way that makes them more accessible and understandable for clients.

From the Picasso project to institutional partnerships

One of the episode’s central themes is how tokenization can become tangible. Eichenberger points to Sygnum’s well-known Picasso project, in which a Picasso painting was tokenized and economic ownership was divided among several investors.

Examples like this help explain the practical value of digital ownership structures. The episode also covers partnerships with established financial players such as Hamilton Lane and Fidelity International, showing that tokenization is increasingly relevant in regulated and institutional settings.

Which asset classes could benefit most?

In the long term, tokenization could apply to many asset classes, from private markets and tokenized securities to equities and bonds.

In the short term, Eichenberger sees the greatest potential where existing market structures are less efficient or where innovation pressure is higher. This is why private markets may benefit earlier than highly standardized markets such as traditional equity or bond trading.

Why regulated secondary markets matter

A key topic in the episode is the role of regulated secondary markets. Tokenization is often associated with higher liquidity, better divisibility and more efficient transactions. But these benefits only materialize if tokenized assets can also be traded after issuance in a robust and regulated market environment.

Eichenberger argues that this is one of the main prerequisites for the next stage of development. Without secondary markets, tokenization often remains limited to issuance and initial placement. Real value emerges only when digital assets can be traded, transferred and sold within a regulated framework.

This is also where providers such as BX Digital become relevant. Regulated market infrastructure is a key factor in whether tokenization can scale in the capital markets.

More than just a business case

Another important point is that blockchain technology should not be measured only by short-term profitability. Eichenberger explains that Sygnum also supports projects aimed at developing financial market infrastructure and creating long-term value for clients.

In this context, he refers to initiatives such as the Deposit Token. These examples show that the next growth phase of digital assets will likely be driven not by isolated pilot projects, but by a more mature ecosystem of infrastructure, settlement, custody, regulation and standards.

The latest episode of Inside Digital Assets with Thomas Eichenberger of Sygnum explores the future of tokenization, digital assets and regulated market infrastructure.

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