Infographic 08 · Digital Assets

The tokenization debate

Two operators, opposite conclusions — on whether wrapping an already-issued AMC in a token helps or hurts.

AMC Summit 2026
Section 5 — Lohberger / Marty
The question Should an already-issued AMC be wrapped in a blockchain token to enable distribution through crypto-native channels? Two camps emerged.
Dominic Lohberger
Sygnum · the caution
Position
Liquidity fragmentation
Each new wrapper creates a thinner market. Tokenizing an already-issued security splits liquidity across venues — the same underlying, now traded in shallower pools.
  • Every new token is another fragmented order book
  • Depth narrows and spreads widen
  • A thinner market ultimately serves no one
vs
Florian Marty
GenTwo Digital · the case
Position
A channel otherwise closed
Tokenization opens a crypto-native distribution channel — reaching pools of capital that traditional financial rails simply cannot.
  • Direct access to crypto-native investors
  • A migration to a new technological layer
  • Tokenization as a transitional phase, not the end state
UnresolvedNeither position fully closed the other.
“In the future, all investment solutions will ultimately be traded as tokens — a migration from traditional financial infrastructure to a new technological layer.”Florian Marty