The R3 blockchain consortium has partnered with the Brazilian fintech company Banco Maré to create a stock exchange to invest in technology firms.
Banco Maré, a digital bank operating on the blockchain and focused on financial affordability, intends to build a tokenized stock exchange offering investments in technology companies with “social impact”, Cointelegraph Brazil reports on July 16.
The new platform with R3 technology support, provisionally called BVM12, will open a new source of funding for technology startups, as well as allow individual investors to receive dividends from investments in new technologies, the report says.
Banco Maré, reportedly based in Rio de Janeiro, held its first informal consultations with the Brazilian Securities and Exchange Commission and reportedly plans to make an official request to the agency in August 2019.
Banco Maré CEO Alexander Albuquerque said that the new venture is aimed at democratizing risky investments and attracting low-income citizens to the stock market.
Earlier in June, it was reported that the Brazilian government is considering a bill requiring all departments of local public administrations to promote new technologies, such as the blockchain. It was recently reported that the Brazilian Diplomatic Academy, the Rio Branco Institute, began demanding knowledge of cryptocurrency and blockchain from candidates.
On July 12, the Brazilian state of Bahia launched a blockchain-based application to track public bidding on government contracts.