How PricewaterhouseCoopers' RWA Tokenization Cohort Offers a Glimpse Into The Tokenized Future

29 May 2024

PricewaterhouseCoopers(PwC), one of the world’s leading professional services firms, recently launched its first-ever RWA-focused initiative called Scale Tokenization And Digital Asset Program, joining the likes of BlackRock, Citibank, and JP Morgan Chase in shaping the digital asset industry.

PwC’s recent foray into the RWA tokenization space highlights the fact institutional interest in the tokenization of real world assets is increasingly building up.  In March 2024 BlackRock, the world's largest asset manager, announced the launch of its first-ever on-chain treasuries product, amassing $280 million in deposits.

As these giant companies begin to converge around RWA tokenization, the race to the very top of the industry may have just begun. Entering the race, PwC recently selected 11 scale-ups from a pool of over 700 applications “ to help solve important problems for the Financial Services industry’.’ Of these selected companies, only three were core RWA protocols, namely, Zoniqx, Brickken, and Trust Stamp.

Commenting on the selection, Edwin Mata Navarro, CEO of Brickken, stated:

"Joining the PwC’s Scale program marks a significant milestone in our journey. It not only validates our technological prowess and market impact but also sets the stage for our next phase of institutional expansion. We are excited to leverage this opportunity to enhance our offerings and forge meaningful partnerships through PwC and Growth Builders’ network."

What You Should Know About The Scale Tokenization Program

Growing Institutional Interest

In addition to being a tightly contested race, the program highlights the growing institutional interest in the tokenization of real world assets as well as the increasing pressure faced by major financial institutions to catch up with the latest developments in the evolving digital landscape.

This shift to RWA tokenization has increasingly become expedient as it introduces a revolutionary approach to the management and ownership of traditionally illiquid assets.

Eleven Handpicked Scaleups

It may interest the reader to know that only 11 startups were selected out of over 700 companies that applied for the maiden edition of the Scale Tokenization And Digital Asset Cohort. This tiny number represents the lucky few who were handpicked by the company. While the criteria for selection may be difficult to assess, it leaves a strong impression that the lucky few who made it to the final list have made an indelible mark on the digital asset industry.

Partnerships With Leading Firms

The program is designed to foster collaboration between established financial institutions and innovative digital asset startups that specialize in real-world asset tokenization, stemming from the growing recognition of RWA tokenization in the financial service industry. Most importantly, it is tailored toward the needs of the needs of its global network of financial services clients.

Three Core RWA Protocols

Only three RWA tokenization protocols were selected, namely, Zoniqx, Brickken, and Trust Stamp. The other eight participants include Alterscop, Archipels, Custodiex, Hedgeguard, Truvity, Vidos, Venly, and Vertalo. The selection of these eleven startups underscores their established presence within the digital asset industry.

RWA Products Pitch

The program offers the selected cohort an opportunity to pitch to industry leaders from PwC’s global network of Financial Services clients.

A Tokenized Future: Myth or Unfolding Reality?

As big major players such as PwC, BlackRock, and CitiBank are increasingly bullish on RWA tokenization, it is easy to infer that the world is fast heading toward a tokenized future, one where tangible or traditionally illiquid assets are offered in new markets to millions of potential buyers and sellers.

The fractionalization of digital assets and the seamless convergence of buyers and sellers will also create a secondary liquidity market for assets that no one ever thought could one day become liquid and investable, highlighting the immense potential of blockchain technology and its applications in the financial sector.

Although the promises of a tokenized future are immense, there are key challenges that need to be adequately addressed. Regulatory compliance, blockchain security, and investor education are some of the major challenges that must be carefully addressed at the industry level.

This underscores the need for RWA companies to collaborate with legal experts and innovators to build cutting-edge technology to ensure a seamless experience. It can be inferred that the PwC’s cohort represents the company’s keen eye on future trends, participating in it offers an opportunity for the selected RWA startups to connect with some of the world’s leading innovators that can help them improve their solutions.

Additionally, it not only underscores the role that leading industry leaders can play in accelerating meaningful change in society, but it also highlights the fact that the tokenization of real-world assets (RWA) is the new investment frontier for everyone across the world–including the most price-sensitive investors.

Lastly, it shows that there is an increasing need for sustained collaboration between established financial institutions and RWA projects in tackling the challenges facing the industry and in building a world-class digital asset industry that is built on diversity, security, transparency, and cost-effectiveness.


Building a tokenized future where tons of traditionally illiquid assets are offered to millions of potential buyers and sellers boils down to leveraging blockchain technology to create new regulated markets and products. The journey towards this future is well underway, and it clearly underscores the role that major financial institutions in the world can play in bringing it to fruition.

This interplay can be described as a work in progress, which requires a sustained partnership and collaboration between these various established institutions and RWA projects that are making the tokenization of real-world assets and providing the infrastructure that is required to support them.