Itaú will be the first bank in Brazil to trade tokenized debentures in partnership with Vórtx QR Tokenizadora

Itau will be the first bank in Brazil to trade tokenized debentures on blockchain, thanks to a partnership with Vortx QR Tokenizer, which was one of the companies selected to issue tokenized securities within the regulatory sandbox of the Securities and Exchange Commission (CVM).

The announcement was made this Wednesday, 01, at an event promoted by Vórtx QR Tokenizadora, inaugurating the company’s operations which became the first CVM-regulated tokenizer. The launch took place at an event held in the morning at Teatro B32, in São Paulo.

Juliano Cornacchia, CEO of Vórtx, Fernando Carvalho, CEO of QR Capital, Caio Viggiano, Managing Director of Fixed Income at Itaú BBA, and Yan Martins, from Hathor, blockchain that supports operations on the platform, participated in the press conference .

“This operation, in addition to being innovative, is a milestone for the capital market, as it materializes the entire digital transformation process that the financial world is going through. Tokenization brings numerous opportunities for diversification and product offering, while allowing investors to have broader access to financial assets, a movement that we value around here”, says Caio Viggiano, Managing Director of Fixed Income at Itaú BBA.

According to the announcement made at the event, 12 asset issuers will be selected to participate in the project, with Itaú BBA and QR Asset’s credit fund, QR RISPAR CRÉDITO CRIPTO, the first issuers.

The first issue of tokenized debentures was coordinated by Itaú. The second issuance of the tokenizer was quotas of QR RISPAR CRÉDITO CRIPTO, a credit rights fund, launched by QR Asset, which invests in Bank Credit Notes (CCBs) guaranteed by Bitcoin.

CVM approved tokenization

Rispar, the first bitcoin-collateralized credit fintech, acts as a banking correspondent while the Bank Credit Notes (CCBs) are originated by partner institutions. BRL 8 million was tokenized in the fund’s accounts and, with the issuance, the QR Asset FIDC becomes the first tokenized regulated fund in Latin America.

Quotas are now available to investors on the Vórtx QR Tokenizadora platform.

“We have been working on this project for a long time and it is great to see it finally in full operation, especially with great partners such as Itaú BBA. Undoubtedly, this is an innovative and pioneering operation that will revolutionize the segment”, celebrates Juliano Cornacchia, CEO of Vórtx.

During the event, Fernando Carvalho, CEO of QR Capital, highlighted that assets such as debentures and specific funds were only available to certain types of investors and now, with the option of tokenization approved by the CVM to be executed by the company within the Sandbox, retail has access to this type of investment.

“It is a historic moment for the Brazilian financial market, which reinforces its pioneering spirit walking side by side with the innovation of the cryptoassets and blockchain market”, he said.

The blockchain chosen to support the project was the Hathor Network, developed by Brazilian engineers.

According to Vórtx QR Tokenizadora, the differential of the network is the high power of scalability, capacity to process 200 transactions per second, having usability and decentralization as a proposal since its creation.

Yan Martins, CEO of Hathor Labs, a company that supports the development of Hathor Network, highlights the pioneering spirit of the initiative, which elevates Hathor Network to a select and pioneering group.

“This process began more than a year ago and involved a careful evaluation of the network by the CVM, which demonstrates how Hathor’s technology is capable of supporting projects of different sizes. Few networks in the world are authorized to run a regulated financial product such as Vórtx QR Tokenizadora and Hathor Network becomes a pioneer in the blockchain market”, he says.