BNP Paribas and SmartAngels develop share register tool on blockchain
Platform enables unlisted companies to digitalise their financial securities
BNP Paribas Securities Services and SmartAngels have developed a share register management tool using blockchain.
The platform enables unlisted companies to digitalise their financial securities and to manage their shareholder register using a decentralised, distributed ledger. It was developed as part of their partnership formed last year.
During testing, BNP Paribas Securities Services and SmartAngels loaded the share registers of five of their clients on to the platform. This included the register of SigFox, an internet of things (IoT) connectivity service (a client of BNP Paribas Securities Services), as well as four start-up clients, which recently raised funds on the SmartAngels platform.
The platform can be used to register transactions on the primary and secondary markets and is being designed to meet the needs of a “wide client base”, including issuers, shareholders, investors (business angels, venture and growth capital investors) and crowdfunding platforms, as well as lawyers, notaries, accountants and banks.
After this initial phase, BNP Paribas Securities Services says it is now working on industrialising the platform before commercialising it. SmartAngels will also commercialise a range of share register digitalisation and portfolio monitoring services.
