Token exchange is in the sandbox of the Securities and Exchange Commission (CVM).
Vórtx QR Tokenizadora started, this Friday (1), the registration of investors and issuers interested in working in the tokenization company, which is expected to be launched next month. This action is the first phase of the operation of the exchange of securities tokens, such as fund shares, that the startup is implementing. The project is one of four that the Securities and Exchange Commission (CVM) selected for its sandbox in October 2021.
The startup will choose twelve asset issuers. The company’s objective, with the exchange, is to make the processes simpler and cheaper. This could bring new investors to the token segment. The users themselves – investors and issuers – will carry out the transactions.
To operate in the tokenizer, an innovative project not only in the Brazilian market, investors and issuers must open an account at Vórtx DTVM. The account will work as a digital wallet that will receive the funds, which the exchange will then use. Registration is available on the tokenizer website.
Vórtx QR Tokenizadora is a joint venture between Vórtx, an infrastructure fintech for the capital market that has BRL 500 billion in assets on its platform, and QR Capital. The latter is a holding company in the blockchain and cryptocurrency sector and one of its companies is QR Asset, which offers funds with exposure to cryptocurrencies.
Vórtx Tokenizadora will be an exchange to link investors and issuers
Being in the sandbox, the project had regulatory exemptions. Thus, the CVM allows testing whether the model works in order to bring innovation and more efficiency to the market. But without destroying the current securities industry. And if it works out, the CVM needs to assess what it needs to adapt in the current regulation to accommodate these transactions.
Market experts often claim that with blockchain, there could be a “tokenization of everything” movement. In the tests of the Central Bank’s digital real, for example, there is also a Santander tokenization project.
According to Juliano Cornacchia, CEO and co-founder of Vórtx, Vórtx DTVM is one of the most revolutionary projects for digitizing the capital market in recent years. “We are incorporating a lot of technology into this project, in order to make all transactions in our market simpler and with less interference. This product creates the possibility of simplifying extremely bureaucratic transactions and drastically reducing the costs involved.”
Project tries to unite traditional and crypto market
For Fernando Carvalho, CEO of QR Capital, “this is another step
crypto market towards an ambitious future merger with the traditional market.”
Blocknews accessed the platform from 3:30 pm to 5:30 pm and the system was not registering. When contacted, Vórtx stated that it would check the problem.
Correction19:50: Appyou the publication of the mattera Vórtx sent a new press release in which it deleted the citation that the activities of the tokenizer “will be regulated, providing the offering, intermediation of Digital Securities (VMDs) for distribution with restricted efforts based on ICVM 476, in addition to custody for investors in digital platform, distributed bookkeeping of VMDs, trading and settlement of trades with VMDs.” In the corrected statement, the company stated that “the activities that can be carried out in the tokenizer, in addition to being regulated, will be carried out directly by investors or issuers.”
The company also excluded the information that the twelve token issuers chosen will provide debenture bookkeeping services, shares of closed-end investment funds, banknotes and certificates of
securities deposit.