Crypto broker Bitpanda has launched a new blockchain network that links Europe’s leading banks with tokenized assets. 

Privately held Bitpanda, which is based in Vienna, Austria, says its new blockchain network will appeal to financial institutions that are looking to move towards “always-on markets.”

The new “Vision Chain” network enables banks and financial technology companies to issue and settle tokenized assets under current European rules and regulations. 

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The network uses Euro-denominated stablecoins for transaction fees to avoid the volatility tied to crypto payments. 

It also relies on Ethereum-based (CRYPO: $ETH) infrastructure to handle settlements and scaling.

Financial institutions and markets are relying on tokenization to facilitate around-the-clock trading activity for investors. 

Digital representations of real-world assets such as stocks, bonds, and cash are seen as a way to streamline how assets are issued, traded and recorded.

It's also a potentially huge market. The Boston Consulting Group forecasts that tokenized assets could grow 53% per year and reach $18.9 trillion U.S. worldwide by 2033. 

Wall Street exchanges Nasdaq (NASDAQ: $NDAQ) and the New York Stock Exchange are working to launch trading in tokenized securities. 

Bitpanda says it wants to bridge cryptocurrency rails with traditional finance, enabling banks and financial institutions to provide digital asset services to their customers.

Leading European banks include UBS Group (NYSE: $UBS), Deutsche Bank (NYSE: $DB), and Barclays Bank (NYSE: $BCS).

Bitpanda is privately held and its stock does not trade on a public exchange.