According to Decrypt, a consortium of companies, including Polygon Labs and digital asset platform Fireblocks, is receiving support from Milano Hub, a research center backed by Italy's central bank, in a bid to develop an ecosystem called the "Institutional DeFi for Security Token" that aims to enable traditional financial institutions to engage more in the DeFi space while minimizing the risks faced by retail investors.

Cetif Advisory, a research consultancy supporting banks, insurance companies, and other traditional finance institutions with digitization solutions, announced that it would be receiving developmental support from Milano Hub for this project. Imanuel Baharier, General Manager of Cetif Advisory, emphasized the importance of creating a "safe and open operating environment" for institutional players, incorporating traditional rails around know-your-customer (KYC) and anti-money laundering (AML) processes that these firms are familiar with.

The goal of this ecosystem is to open access to the platform by 2024, allowing real-world testing of the security tokens being developed on secondary markets. The Milano Hub began supporting the project on July 3rd for six months, offering non-financial support in the form of consultant sharing and organizing events to aid the project.