Bit2Me Security Tokens Exchange SA (Bit2Me STX), part of the Bit2Me group, will begin testing in the financial Sandbox on November 12, 2024, under the supervision of the Spanish National Securities Market Commission (CNMV).
This milestone marks the first step toward launching Bit2Me STX, one of the first blockchain-based financial market infrastructures in Spain and Europe, designed to operate a securities exchange for Security Tokens. These tokens are traditional financial instruments (such as shares or bonds) issued and traded natively on Distributed Ledger Technology (DLT or blockchain).
On June 28, 2023, Bit2Me STX was selected for the fifth cohort of the financial Sandbox. Its goal is to create a market infrastructure for the issuance, trading, custody, and settlement of shares and bonds using Distributed Ledger Technology. This initiative operates within the regulatory framework of Spain’s Securities Market Act of March 2023 and the European Union’s Pilot Regime Regulation for DLT-based infrastructures. Once Sandbox tests are completed and the required “DLT TSS – Trading & Settlement System” license and the CNMV’s Securities Agency license are obtained, Bit2Me STX will be able to operate.
In the Sandbox, blockchain-based market infrastructure will be tested with the issuance of corporate bonds by the Spanish company Activos y Valores Digitales S.A. (VALORIX) www.valorix.com, in an amount of 145,000 euros. This bond issuance, with a three-month maturity and a 3.25% coupon payable upon maturity, will be conducted on the blockchain, with each bond having a nominal value of €1,000. These bonds will be traded on Bit2Me STX throughout their term within the Sandbox.
For Javier Tordable, co-founder and CEO of Bit2Me STX, “Our objective is to create a new Securities Exchange 3.0, providing companies and investors with a significantly more secure, transparent, liquid, and efficient environment for issuing and trading financial assets. We leverage the disruptive innovation of blockchain and real asset tokenization, particularly in the financial domain, to increase the efficiency and reach of capital markets. These tests and the start of this project with Valorix place us at the forefront of financial innovation. We firmly believe that blockchain technology and security tokens will be a cornerstone of the future of capital markets, enabling greater financial inclusion and growth opportunities for companies of all sizes.”
A Milestone for Bit2Me and Spain’s Financial Industry
With this bond issuance, Bit2Me STX aims not only to complete Sandbox testing successfully but also to establish itself as a leader in the tokenization of financial markets.
According to Leif Ferreira, CEO and co-founder of Bit2Me, “This Security Tokens Offering (STO) by Valorix within Bit2Me STX will be one of the first of its kind in Spain and Europe under the new regulatory framework, and we hope it will be a milestone for the blockchain industry in the country, facilitating a new way for companies and investors to access capital markets.”
In the framework of this project, Bit2Me has applied for a Securities Agency license with the CNMV and plans to also request a Trading and Settlement System (TSS) license in DLT within the Pilot Regime regulating the use of blockchain technology for the issuance and trading of securities.
With these initiatives, Bit2Me continues to lead the digital transformation of financial markets in Spain, positioning itself at the forefront of blockchain adoption in Europe.
According to Juan Esteban Saldarriaga, CEO of VALORIX, “We want to support fintechs like Rapicredit and others in Colombia and the region, who have revolutionized financial inclusion and brought increased competition to the sector through technology. The credit access gap in Colombia remains vast, and through digital credit, millions of people have built their credit histories and gained access to financial services. Every month, thousands of people need credit for their micro-businesses, to face daily challenges, or to handle emergencies. Through Security Tokens Offerings (STOs), we enable investors in Spain to help transform banking through the fintech revolution, where Colombia is already the third-fastest-growing ecosystem in Latin America.”
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