R3 Is Ready To Support A Brazilian Stock Exchange Banco Maré Focused on Startups via BVM12 Platform
The prominent blockchain consortium R3 has decided to start a partnership with Banco Maré, a Brazilian fintech startup, in order to launch a stock exchange in the country which will be focused on investing in tech startups.
Banco Maré is a digital bank powered by the blockchain technology that has a heavy focus on financial inclusion and is now planning the creation of the tokenized stock exchange in the country.
The platform is being called BVM12 at the moment and its main goal is to act as another way that startups will be able to use in order to get funds. On one hand, they get the investment that they need in order to take their businesses forward, on the other hand, the investors can get high returns on investment for using their money to support these companies in their early stages.
The bank, which is set in Rio de Janeiro, has already consulted with the Brazilian Securities and Exchange Commission and it is looking to request permission to conduct this project officially in the next month.
Alexander Albuquerque, the CEO of Banco Maré, has affirmed that this new company can be very important in order to “democratize risky investment” in the country. He also affirmed that this could help the low-income public to be a part of the stock market.
Obviously, this also means that people with not a lot of financial stability would be betting in very risky businesses, which could have a very negative impact on their lives and on financial stability overall, as this would be a very speculative market.
In related news, it seems that Brazil is finally waking up to the potential of blockchain technology. For instance, the government is currently considering a bill that would require local administrators to use new techs such as the blockchain. The state of Bahia, for instance, has launched a blockchain that will be used to track public bidding on contracts.
The blockchain is getting so popular that even the Rio Branco Institute, one of the most traditional diplomacy institutes in the country, is now requiring diplomat candidates to learn about the blockchain technology.