BNP Paribas to expand blockchain offerings
Under a new initiative from the French government, private companies will now be allowed to issue minibonds via crowdfunding platforms, with BNP Paribas an early entrant into the new field.
BNP has partnered with Lendosphere, Lumo and Enerfip on the initiative, following the French government's encouragement for crowdfunders to work with distributed ledger technology rather than existing individual ledgers.
BNP innovation and digital lab head of business management, Marc Younes, said that further expanding blockchain initiatives would help standardise the trade lifecycle of minibonds.
"Blockchain technology is particularly suited to the fundraising needs of private companies…and could serve to standardise processes around the trade lifecycle of minibonds," he said.
"This new initiative answers the French government's call to make use of distributed ledgers to support the sale of minibonds via crowdfunding platforms."
The platform will be finalised during the coming months and launched following the finalisation of specific minibond legislation across France.
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