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R3, Banco Maré team up to launch tokenized stock exchange in Brazil: Report

Brazil.Max Pixel/Max Pixel

Thu, 18 Jul 2019, 05:47 am UTC

In a recent partnership, blockchain entity R3 and fintech company Banco Maré announced that they will be working together to launch a stock exchange that is focused on tech startups.

Banco Maré is a blockchain-powered digital bank focused on financial inclusion. In collaboration with R3, it aims to launch a "tokenized stock exchange" which would help tech companies secure funding via investors, Cointelegraph reported.

For context, it can be quite difficult to gain investments for startups in Brazil simply because of where the region is located. Banco Maré founder and CEO, Alexander Albuquerque said as much when talking about the hardships of getting funding for Latin American companies, Ihodl reported citing Valor Econômico. Simply put, major investors can get skittish when it comes to firms that are located in territories with dangerous reputations.

"Focused on big investments funds want to know what the startups are doing, but when they find out they are working in the most dangerous regions of Latin America, they do not want it anymore," he said.

With this new partnership between the fintech entity and R3, it will become possible for individual investors to contribute directly to the startup of their choice. This can then open a new pathway for the development of technology in Brazil and for investors to profit from it.

For now, the name of this new platform is BVM12 and has yet to be given authorization by the proper authorities. Banco Maré is planning to submit an application to the Brazilian Securities and Exchange Commission this August, and if all goes all, approval should follow shortly after.

It goes without saying that this could be a major opportunity for the tech sector in the South American nation. It could even help with the current economic crisis that it is going through with money coming in from investors from outside of its borders. Considering Brazil’s positive attitude towards blockchain, there is a good chance of this going through.

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