Tokenization platform

A method for facilitating transactions using a cryptographic ledger that maintains cryptographic tokens generated according to a tokenization protocol, the method comprising:

• receiving, by one or more processors, a tokenization request to tokenize a defined amount of currency on behalf of an entity;
• electronically verifying, by the one or more processors, that the defined amount of currency has been locked in an off-chain account on behalf of the entity, such that the entity is unable to transfer the defined amount of currency from the off-chain account;
• in response to verifying that the defined amount of currency has been locked, generating, by the one or more processors, a cryptographic token in accordance with the tokenization protocol, wherein the cryptographic token is redeemable for the defined amount of currency locked in the off-chain account;
• updating, by the one or more processors, the cryptographic ledger to associate the cryptographic token with a first cryptographic ledger account of the entity, wherein the entity can transfer the cryptographic token to other cryptographic ledger accounts on the cryptographic ledger while the defined amount of currency is locked in the off-chain account;
• and
• receiving, by the one or more processors, a redemption request from a second cryptographic ledger account on the cryptographic ledger requesting redemption of the cryptographic token on behalf of a redeeming entity;
• and
• in response to verifying that the cryptographic token is associated with the second cryptographic ledger account of the redeeming entity:
• burning, by the one or more processors, the cryptographic token;
• and
• initiating, by the one or more processors, a transfer of the defined amount of currency to a second off-chain of the redeeming entity.