BNP Paribas Securities Services and SmartAngels have announced the completion of the first phase of their partnership, announced last year, with the development of a share register management tool using blockchain technology.
According to the official announcement, the platform allows unlisted companies to digitize their financial securities and manage their shareholder registers using a decentralized and distributed ledger. Importantly, BNP Paribas Securities Services and SmartAngels have developed essential features that will enable unlisted companies to manage the various stages in the lifecycle of their financial securities – from their issuance to transactions.
The trial of the platform involved the register of BNP Paribas Securities Services client Sigfox and four other startups that recently raised funds on the SmartAngels platform.
“We are delighted to be working with SmartAngels on this project and to welcome Sigfox onto the platform during the test phase. We have identified where the processes relating to issuing, buying and selling unlisted stocks needs to be optimised. Our platform aims to deliver a digital solution that meets the needs of all market participants and professionals in these markets”, Nelson Fernandes, Blockchain, senior business lead at BNP Paribas Securities Services, said (as quoted by Finextra).
Building on the results of the first phase, BNP Paribas Securities Services is now exploring the options for the “industrialization” of the platform, which would mark the next step towards its commercialization, the release said.
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