1 Abstract — The paper describes the transfer of exchange investment mechanisms to the cryptocurrency and tokenized assets market. We propose an architecture of a new token standard, which allows dividing different assets into a commodity. The implementation of the prototype on the Ethereum platform is provided. An example of the token application on the banking system is presented. Keywords — tokenization; blockchain; smart contract. I. INTRODUCTION The rapid development of blockchain technology in recent years has generated many projects for its implementation in various felds. Decentralized exchanges, voting, supply chain, state registries, medicine, the Internet of things, etc. [1], [2], [3], [4], [5], [6], [7], [8], [9] but the fnancial sector [10], [11], [12], [13] is the frst and probably the most popular application area. This paper looks upon the lending market [14], which is part of the fnancial domain. The main risks for investors in the peer-to-peer lending market are credit risk and liquidity risk [15], [16]. Various models for calculating and reducing credit risk are proposed [17], [18], [19], [20], [21], [22], including portfolio diversifcation [23], [24]. Classical diversifcation reduces credit risk, but each investor creates a unique tool as a result. On the one hand, this enables the investor to get an exclusively suitable instrument for his purposes. However, on the other hand, it is unlikely that such a tool is also appropriate for another investor, thus making it diffcult to fnd a buyer for a unique instrument. Alternatively, one investor provides it in order to give an additional discount to attract customers. Therefore, it is reasonable to diversify so that all the resulting tools have the same properties. This provides an opportunity not only to reduce the risks of investors but also to create a universal tool with all the properties of a marketable product, i.e. a commodity. This approach diversifes the presence of a secondary market, offsets the typical properties of a universal tool for all investors and allows, with a high level of liquidity, to attract more investors to the commodity, which reduces the level of proftability of the universal investors [25]. In this paper, we design smart contract-based blockchain solution for investment, as well as implement this solution in the Solidity language for the Ethereum platform [26] and show its use for loan portfolios. II. FINANCIAL MECHANISMS FOR CRYPTO ASSETS 2.1. Initial Coin Offering The Initial Public Offering (IPO) [27] is a type of public offering in which shares of a company are sold to institutional investors the right to sell it on the exchanges. The blockchain analogue of the IPO is the Initial Coin Offering (ICO) [28]. To transfer IPO procedure to the crypto world, one replaces the exchange asset (stock) with a digital asset, i.e. a token, which is sold for cryptocurrency through a smart contract [26]. A secondary market for reselling of tokens also exists. After the end of the ICO sale, tokens Token Standard for Heterogeneous Assets Digitization into Commodity Vyacheslav Davydov Moscow Financial University at Government 125993, Moscow, Russia +7-499-943-9582 novdav2017@yandex.ru Alexander Gazaryan National Research University Higher School of Economics 125319, Moscow, Russia +7-495-771-3232 aggazaryan@edu.hse.ru Yash Madhwal Skolkovo Institute of Science and Technology 121205 Moscow, Russia, +7-495-280-1481 yash.madhwal@skoltech.ru Yury Yanovich Bitfury 123100 Moscow, Russia, +7-495-477-4477 yury.yanovich@bitfury.com