Bit2Me STX is working on the issuance of a tokenized bond and in the creation of a stock exchange specifically intended to operate with digital assets or tokenized assets. The firm, which is a Bit2Me group company, is developing an alternative infrastructure to the traditional financial market based on blockchain technology, which allows investments to be made without intermediaries (brokers or banks).
Within this project, the first step will be the issuance of a corporate bond of 145,000 euros from the company Activos y Valores Digitales (VALORIX). This operation It will be done in the financial sandbox, the testing space of Spanish supervisors, which serves to put into practice innovative projects in development.
The pilot operation, the issuance of the bond, will be supervised by the National Securities Market Commission (CNMV). Anyone who meets the regulator’s criteria can participate. Each bond will have a face value of 1,000 euros, a coupon of 3.25% and a maturity of three months. Sandbox testing will begin on November 12 and will last for the entire useful life of the asset (those three months), according to Bit2Me STX.
Once that operation is completed, the goal of Bit2Me STX is obtain the necessary authorization to launch a stock exchange specialized in the trading of tokenized assets, so that you can operate with tokenized stocks or bonds. If it obtains permits, it would be one of the first in Spain and Europe to offer an investment platform based on blockchain technology.
The blockchain allows you to operate without intermediaries, without having to resort to a bank or a broker. In this way, all Bit2Me STX users can negotiate directly with the rest of the users, operators or investors who are registered on this platform. It is the basis on which cryptocurrencies work, the objective of which is that money can be transmitted between peers or between equals. This time, instead of with coins, the same can be done with other financial assets. The fact that it can be operated without a third party is facilitated by blockchain or distributed ledger (DLT) technology.
“Our goal is to create a new stock exchange 3.0,” Javier Tordable, co-founder and CEO of Bit2Me STX, explains in a statement. Once the issuance of the bond and this testing phase are completed, the firm will request the Securities Agency license and the Blockchain Negotiation and Settlement System (SNL) license from the CNMV. The approach is to create a type of BME (a stock exchange platform) specific for tokenized assets.
“The goal is to create a market infrastructure for the issuance, trading, custody and settlement of stocks and bonds, using distributed ledger technologies (…) With the issuance of this bond, Bit2Me STX seeks not only to successfully complete the tests of the sandbox, but also to consolidate itself as a reference in the tokenization of financial markets,” adds the firm.
The financial sandbox
This Bit2Me company is one of the dozens of companies that have been selected to test their projects in the sandbox, which was launched in 2021. It has already had eight calls, in which different proposals from the financial field that use technologies have been tested. innovative, which are not yet applied in the markets, although the final objective is to be able to implement them in the future.
All of this is done previously in this secure environment, which is monitored by regulators. The Bit2Me STX proposal aims to eliminate intermediaries in investment within the legal framework that is in place. The entry into force of the European digital assets regulation (MiCA) facilitates all this. December of this year is a key date, since the community regulations come into force in their entirety – a first part began to apply in June.
Bit2Me has Telefónica, Investcorp, Inveready and Cecabank, among others, as investors. In June, Unicaja was one of the last entities to enter the digital asset firm, with an estimated valuation of 100 million euros.
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