Bit2Me STX is working on the issuance of a tokenized bond and the creation of an exchange specifically intended to operate with digital assets or tokenized assets. The company, which is part of the Bit2Me group, 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).
As part of 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 This will be done in the financial sandbox, the testing space of Spanish supervisors, which serves to put innovative projects in development into practice.
The pilot operation, the issuance of the bond, will be supervised by the National Securities Market Commission (CNMV). Anyone meeting the regulator’s criteria can participate. Each bond will have a nominal value of 1,000 euros, a coupon of 3.25% and a maturity of three months. Sandbox testing will begin on November 12 and last for the entire useful life of the asset (those three months), according to Bit2Me STX.
Once this is completed, the goal of Bit2Me STX is obtain the necessary authorization to launch an exchange specialized in the trading of tokenized assets, so you can operate with tokenized stocks or bonds. If it obtains the permits, it would be one of the first in Spain and Europe to offer an investment platform based on blockchain technology.
Blockchain makes it possible to operate without intermediaries, without having to resort to a bank or a broker. In this way, all Bit2Me STX users can trade directly with the rest of the users, operators or investors registered on this platform. This is the basis on which cryptocurrencies operate, the aim of which is that money can be transmitted between peers or equals. This time, instead of using 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 technology (DLT).
“Our goal is to create a new 3.0 stock market,” Javier Tordable, co-founder and CEO of Bit2Me STX, explains in a press release. Once the bond issuance and this testing phase are completed, the company will apply for the Securities Agency license and the Blockchain Negotiation and Settlement System (SNL) license from the CNMV. The approach involves creating a type of BME (an exchange platform) specific to tokenized assets.
“The objective 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 sandbox tests, 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 dozens of companies that were selected to test their projects in the sandbox, launched in 2021. It has already had eight calls, during which different proposals from the financial field using technologies were tested. innovative, which are not yet applied in the markets, even if the final objective is to be able to implement them in the future.
All this is done beforehand in this secure environment, monitored by regulators. The Bit2Me STX proposal aims to eliminate investment intermediaries within the existing legal framework. The entry into force of the European Digital Assets Regulation (MiCA) makes all of this easier. December this year is a key date, as the EU regulations come into force in full – a first part started to apply in June.
Bit2Me counts among its investors Telefónica, Investcorp, Inveready and Cecabank, among others. In June, Unicaja was one of the latest entities to enter the digital asset company, with an estimated valuation of €100 million.
