Bittrex joins forces with IEO and the tokenizing of any asset by STPAuthor: Ali RazaLast Updated: 17 June 2020 Bittrex has publicly joined the Initial Exchange Offering (IEO) bid and will be staging the first subscription to STP – Standard Tokenization Protocol. While these events to raise money, appear very much like an Initial Coin Offering, they are different in that they are managed by an exchange.What will STP doWith their goal being the tokenization of any asset, STC believes it can transform many companies and productions. STP will offer investors an easy to read asset register which, when presented to a financial organization, will appear more organized and more precise than a regular portfolio containing various documents from different companies. By using the blockchain as a means of presentation, all information will become more accessible.The future of banksThis introduction will see the banks having a fierce battle to keep their clients. The Marshall Islands will provide the ideal study in the anatomy of blockchain, and all eyes will be on them to ascertain where the future lies for their financial framework. With online cryptocurrency trading bank accounts will be seen to be obsolete, making it more difficult for financial institutions to secure business.Financial institutions have become complacent in recent years resulting in clients looking at online crypto trading options and crypto exchanges which seem more appealing. Using the cryptocurrency exchanges, people have control of their money – something set as a goal early in life – and once attained, it is not easy to release.The benefits of STPUser and investors in STP have at their service, a safe platform to manage their assets and are offered a great deal more. Any person who feels that their assets, such as houses, cars, and jewelry need to be insured, can always retain this in a similar fashion to that of crypto.As one delved into the future, it is highly probable that items such as gold bars could be put into blockchain chambers for safe keeping. While the proprietorship of the gold bar could move from person to person, the collection of the bar could only be made by the person who finally owns the key that fits the lock. It is the actual key that is being exchanged and not the gold bar per se. In the interim, the contents of the vault can be confirmed by a third-party.It is possible that five pounds of gold, divided into ounces, be kept in different vaults and the owner of the gold would then be able to use online crypto trading to sell the keys. This crypto can then be used for other transactions or converted to money.Tokenization and its futureTrading of gold has always been extremely desirable to investors and to trade actively in gold online, may see a move by traders in gold to the crypto market. These exchanges can take place on both decentralized and centralized exchanges as they are regarded as ‘non-fungible’ tokens, which are not replaceable.Benefits of blockchainWhile asset tokenization is an essential and very alluring implementation of blockchain technology, the benefits are far-reaching. Using the mechanics of blockchain to vote, to record property documents, the allocation license approvals, retaining and tracking of revenue statements and receipt of payments for tax, are all possible using blockchain. The example was made of marijuana farmers who would be able to purchase crypto with cash and then, in turn, using their crypto to ensure that all taxation demands are met.Making payments using this method would continue until the federal financial army puts an end to it.