By Richard Baker & Gerard Banaszkiewicz, Founders of Tokenovate
Last year, as we reflected on our progress, we referenced the tireless nature of building a business. And doing that in a fast-paced, dynamic, and ever-evolving industry is no small feat, but it’s one we continue to embrace wholeheartedly!
As 2024 draws to a close, we’re proud to look back at a year marked by significant achievements, industry recognition, and strategic advancements for both Tokenovate and the broader financial technology landscape. Here are some of our highlights of the year:
Strategic Engagements and Thought Leadership
Throughout the year, Richard and the wider Tokenovate team actively participated in numerous key industry events, contributing insights, sharing ideas, and listening to invaluable feedback that helps us grow.
In February, Richard attended an event at the European Parliament in Brussels titled “The Future of Digital Finance Strategy of the EU: A Global Perspective,” where he engaged in discussions on tokenisation and the evolution of financial market infrastructure.
In March, we were invited to Washington DC to meet and talk to Staffers and Lawmakers on Capitol Hill on the importance of incorporating blockchain technology as a core component of the next generation financial market infrastructure. While in DC, we also had the pleasure to visit the U.S. Commodity Futures Trading Commission (CFTC) and share our thoughts and vision about how to maximise the use of smart contracts to improve and automate the lifecycle event management of a trade.
In June, we sponsored an event by the IA and ISDA on Collateral Management Evolution, underscoring our commitment to advancing critical financial processes. Around the same time, we were selected to join the prestigious FinTech cohort of Grow London Global, an initiative led by the Mayor of London.
In September, Richard attended the New York Climate Week, and a private ICVCM roundtable. The VCC market remains important to Tokenovate, and it’s pleasing to see the collaboration to align buy-side, sell-side and science-based standards is progressing, something we witnessed at COP29 as well.
In November, Richard attended the Singapore Fintech Festival (SFF24) for the second consecutive year, and he joined the Elevandi Insights Forum as well. The events highlighted nine key trends, including the rise of tokenisation, the focus on interoperability, and the evolution of digital money, all aligning with Tokenovate’s mission to transform financial services.
To further foster collaboration and knowledge-sharing, we organised four roundtables this year, each focused on a distinct topic and audience. These invite-only events were well received, encouraging open dialogue among professionals dedicated to driving the industry forward.
Regulatory Developments
We also closely monitored and analysed regulatory developments impacting industry, and we think 2024 was a pivotal year for regulatory progress in blockchain and digital finance.
In November, the European Commission published a paper that examines the potential of public permissionless blockchains to enhance traditional financial services. We welcomed this thoughtful and timely exploration of blockchain’s role in fostering efficiency, accessibility, and innovation in financial markets, and shared a public letter of support in response.
Also in November, the UK’s Financial Conduct Authority (FCA) unveiled a comprehensive plan to regulate the growing crypto industry, aiming to establish a clear and robust framework by 2026. Our Chief Legal & Product Officer, Ciarán McGonagle, provided insights into how these regulatory efforts align with Tokenovate’s vision of leveraging the convergence of legal, regulatory, and technological standards to strategically transform global financial systems.
Finally, we published a response to the UK House of Lords Special Public Bill Committee’s consultation on the Property (Digital Assets etc.) Bill. In our submission, we supported the Bill’s flexible approach to recognising digital assets while cautioning against the risks of unclear classifications. We proposed small amendments to empower courts to apply nuanced legal principles, ensuring market clarity and safeguarding innovation.
Academic Engagement
We strongly believe in the importance of education and community engagement – it remains core to our vision and operating principles. In the summer, we once again hosted two talented master-students from the UCL, helping them in their final thesis work, as well as two Computer Science students: one at GCSE-level and one graduate from University of Bath. And in December, we had the pleasure of delivering lectures on blockchain technology and related matters at the University of Exeter, fostering real-world education and inspiring the next generation of innovators.
Growth and Partnerships
Our growth trajectory remained strong in 2024, with key partnerships and team expansions driving our success. We deepened our collaborations with Godel Technologies, TradeHeader, and sCrypt to enhance our delivery capabilities and innovation efforts.
Last year we reflected on the brainspark behind the idea that is Tokenovate: Professor Christopher Clack at UCL and Ciarán McGonagle, then Assistant General Counsel at ISDA, in their 2019 paper “Smart Derivatives Contracts: the ISDA Master Agreement and the automation of payments and deliveries”. In July, we welcomed Ciarán to our team with open arms. We’ve also strengthened the leadership team as well as our overall delivery organisation.
Industry Recognition
In March, we were honoured to be named one of the “Most Influential Financial Technology Firms of 2024” by The Financial Technologist magazine. This accolade underscores our commitment to driving innovation in digital financial market infrastructure.
Looking Ahead
As we step into 2025, we remain steadfast in our mission to engineer a smarter financial world. The pulse of innovation pounds hard at the heart of Tokenovate!
We will continue to leverage blockchain, tokenisation, and smart contract technologies to drive transformative innovation and operational efficiency in capital markets. Our focus will be on developing scalable solutions with user-friendly interfaces, fostering collaborative innovation, and prioritising the needs of end-users.
To our clients, partners, and the entire Tokenovate team: thank you for your unwavering trust and dedication. Your dedication drives everything we do. Together, we are building the future of financial market infrastructure.
Richard & Gerard
