BNP Paribas Securities Services and crowdfunding outfit SmartAngels have reportedly loaded the share registers of five of their clients on a new platf
BNP Paribas Securities Services and crowdfunding outfit SmartAngels have reportedly loaded the share registers of five of their clients on a new platform that relies on blockchain technology.
The platform is designed to allow private companies to issue securities on the primary market, while giving investors access to the secondary market, as finextra.com wrote in an article published earlier in July.
“We are delighted to be working with SmartAngels on this project and to welcome Sigfox onto the platform during the test phase.”, said Nelson Fernandes, Blockchain, senior business lead at BNP Paribas Securities Services.
“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.”, as he explained further.
The two companies announced plans to collaborate on the service last year and said they have now designed several functions that will help private companies manage the lifecycle of their financial securities like issuance, sale and purchase of securities, as finextra.com made clear in the report.
The goal is to create a service capable of meeting the needs of a wide client base that consists of issuers, shareholders, investors (business angels, venture and growth capital investors) and crowdfunfing platforms. Also, lawyers, notaries, accountants, and banks will be among the potential customers.
In the test phase, SigFox, a leading internet of things connectivity service, was registered as a BNP Paribas Securities client. Four other start-up client were also registered. The latter have recently raised funds on the SmartAngels platform, as the online media noted in their report.
The platform will be “industrialised” before commercialisation within the frames of the next phase. SmartAngels is also taking to market a range of share register digitisation and portfolio moitoring services, as finextra.com concluded.