Bit2Me STX begins Sandbox testing for its blockchain Stock Exchange under the supervision of the CNMV
Bit2Me Security Tokens Exchange SA (Bit2me STX), a Bit2Me group company, begins testing of the Sandbox financial on November 12, 2024. under the supervision of the National Securities Market Commission (CNMV)
This milestone marks the first step for the Bit2Me STX launchone of the first blockchain financial market infrastructures in Spain and Europe, intended to operate a Stock Exchange of the so-called Security TokensThese are traditional financial instruments (stocks or bonds) issued and traded natively on TRD Distributed Ledger Technologies (DLT or blockchain, in its English terminology).
On June 28, 2023, Bit2Me STX was selected for the fifth cohort of the Financial Sandbox. Its objective is to create a market infrastructure for the issuance, negotiation, custody and settlement of stocks and bonds, using Distributed Ledger Technologies. This initiative, under the regulatory framework of the Spanish Securities Market Law of March 2023 and the European Regulation of the Pilot Regime for DLT-based infrastructures, will be able to operate once the Sandbox tests have been passed and the “DLT TSS” license has been obtained. Trading & Settlement System or, in Spanish, Sistema de Negociación y Liquidación, SNL”, and that of the Securities Agency of the CNMV.
This will be the blockchain stock market
In the Sandbox, the blockchain market infrastructure will be tested with the corporate bond issuance of the Spanish public limited company Activos y Valores Digitales SA (VALORIX), for an amount of 145,000 euros. This issue, with a maturity period of three months and a coupon of 3.25% – payable together with the principal at maturity – will be issued on the blockchain with a face value of €1,000 for each bond, which will be traded on Bit2Me STX during the entire life span of the titles, within the Sandbox.
For Javier Tordable, co-founder and CEO of Bit2Me STX, “Our goal is to create a new Stock Exchange 3.0, that provides companies and investors with a significantly safer, transparent, liquid and efficient environment for the issuance and trading of financial assets. To do this, we rely on the disruptive innovation of blockchain and the tokenization of real assets, specifically in the financial field, 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 are convinced that blockchain technology and security tokens will be a fundamental pillar of the future of capital markets, allowing greater financial inclusion and growth opportunities for companies of all sizes.”
