Poland’s Pekao Bank Selects Aleph Zero to Tokenize Artworks

[PRESS RELEASE – Zug, Switzerland, October 2nd, 2024]

Pekao S.A., the second-largest bank in Poland, has utilized the Aleph Zero L1 blockchain to digitize and secure celebrated Polish artworks.

Bank Pekao, Aleph Zero, and Degen House are thrilled to unveil Archiv3, a groundbreaking initiative aimed at tokenizing and preserving Poland’s cultural heritage on the Aleph Zero blockchain, with secure digital reproductions stored in the Arctic World Archive (AWA). This project merges blockchain innovation with cultural preservation efforts, safeguarding Poland’s artistic treasures for future generations.

Through Archiv3, Bank Pekao becomes the first universal bank to tokenize artwork specifically for its preservation. This project builds on the bank’s previous “Unique” initiative, reinforcing its role in integrating blockchain into traditional banking. It demonstrates the bank’s dedication to modernizing its offerings and expanding the scope of digital asset integration. Significantly, Archiv3 is the first project to tokenize artworks for long-term storage in the Arctic World Archive, often referred to as the “Doomsday Library.” In its press release, Bank Pekao highlighted that the choice to use the Aleph Zero blockchain was influenced by its speed, security, environmental footprint, and carbon offset initiatives.

“We opted for Aleph Zero due to their top-tier privacy technology, alongside their extensive experience collaborating with large institutions,” states Michał Walęczak, Director of the Private Banking Strategy and Development Department at Bank Pekao S.A. “A minimal carbon footprint and low storage costs were also crucial factors in our decision. Tokenizing art necessitates modern and adaptable technology, unforced creativity, and innovative thinking—all qualities we found in partnering with Aleph Zero.”

ARCHIV3 involves the careful digitization of masterpieces by renowned Polish artists like Jan Matejko, Stanisław Wyspiański, and Wojciech Kossak, facilitated by Degen House, the bank’s tech partner responsible for the Aleph Zero integration. The process starts with producing high-quality, museum-grade 3D scans using advanced cameras, capturing every nuance of the originals. These digital representations are then minted as NFTs on the environmentally-friendly Aleph Zero blockchain, ensuring a reduced carbon footprint throughout. The tokenized artworks are subsequently archived in the Arctic World Archive, where they are expected to remain safeguarded for over a millennium.

The Archiv3 collection includes artworks from various historical periods, amplifying 19th-century pieces as well as select contemporary works by artists like Lia Kimura. The project aims to protect these treasures not only for their cultural importance but also as resources for future scholarship, conservation efforts, and potential virtual exhibitions.

Preserving Art for Future Generations

The Arctic World Archive, situated in the remote Svalbard archipelago, functions as a robust data vault designed to shield invaluable cultural, historical, and scientific information from natural calamities, cyber threats, and other hazards. Established in 2017, the archive employs advanced storage solutions to guarantee data integrity without reliance on electricity or human oversight, making it one of the safest havens for safeguarding irreplaceable records.

The AWA currently stores manuscripts from the Vatican Library, documentation from UNESCO and UNICEF, the complete GitHub code repository, and literary works by Nobel laureates Olga Tokarczuk and Wisława Szymborska. Bank Pekao is the first financial institution to archive culturally significant artworks within the AWA while also utilizing decentralized storage, establishing a benchmark for how blockchain technology can seamlessly connect traditional art with innovative digital approaches.

For inquiries regarding this release, please contact josh@serotonin.co

About Aleph Zero

Aleph Zero operates a privacy-centric suite of blockchain solutions designed for speed, data confidentiality, and ease of use. It provides efficiencies comparable to traditional web2 systems while upholding strict standards for data protection through zero-knowledge proofs and a comprehensive development toolkit for web3, covering environments from WASM-based Rust to EVM-based Solidity. The adaptability of Aleph Zero is exemplified by more than 40 active use cases, highlighting its versatility across diverse sectors and applications, all part of a vibrant community and an expanding web3 ecosystem supported by Aleph Zero’s development programs.

For further information, users can visit https://alephzero.org/

About Bank Pekao S.A.

Bank Pekao S.A., established in 1929, is among the largest financial institutions in Central and Eastern Europe and the second-largest universal bank in Poland, with assets totaling 316 billion PLN. With the second largest branch network, Bank Pekao serves approximately 6.9 million clients and is a prominent corporate bank, assisting nearly half of the corporations in Poland. Its universal banking status is based on its strong market presence in private banking, asset management, and brokerage services. Bank Pekao boasts a diversified business profile supported by a solid market balance sheet, minimal risk costs, strong capital ratios, and resilience against macroeconomic fluctuations (Pekao was recognized as the most resilient bank in Europe, ranking first in the 2023 EBA stress tests among 70 banks). Since 1998, Bank Pekao has been publicly listed on the Warsaw Stock Exchange and is included in several local indices (WIG 20, WIG) as well as international ones (MSCI EM, Stoxx Europe 600, FTSE Developed). Over the last decade, Pekao has generated one of the highest dividend payouts among listed companies in Poland, totaling around 20 billion PLN.

About Degen House

Degen House is a comprehensive blockchain solutions provider with a strong history of partnerships with leading CEE banks and top global blockchain projects. The company delivers full end-to-end solutions, from strategic consulting and product development to targeted marketing and sales.