Marechale Capital (AIM:MAC) shares rose 11% to 5.6p after its wholly owned subsidiary Blubird Global launched a second-generation tokenisation platform, digital asset registry and marketplace.
The AIM-quoted digital merchant bank said the system binds a tokenised asset to the legal contract governing it, so the two move together from issuance through every subsequent transfer.
That addresses a longstanding weakness in the market. A token sitting in an investor's wallet is not usually the authoritative record of ownership, which instead sits in an off-chain register that takes precedence in any dispute, with the underlying legal documents held separately again.
The platform uses Ricardian contracts, single digital documents that function both as a legal agreement readable by people and as code readable by software.
It is chain-agnostic, meaning clients are not tied to a proprietary token format, and records are tamper-evident and independently verifiable by auditors and lawyers.
Issuance, record keeping and distribution sit in one system rather than requiring separate tools, with investor eligibility attached to the instrument itself.
Blubird said the platform is ready for deployment across more than 25 asset classes, including real estate, renewable energy, infrastructure and natural capital.
Patrick Booth-Clibborn, chief executive, said it was the first platform to unify tokenised assets, legal contracts and chain of title at that scale, and had the potential to strengthen Blubird's position in the market.
