BNP-Backed Blockchain Crowdfunding Effort Completes Initial Stage

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5 July 2017

A blockchain crowdfunding effort led by a subsidiary of French banking conglomerate BNP Paribas has completed the first phase of its development, according to the firm.

In a statement today, BNP Paribas Securities Services revealed that the blockchain platform, which enables private companies to issue securities, has reached the new milestone. Further, it said shares representing ownership in one bank client, as well as four startup firms that recently raised equity crowdfunding via the services of its partner in the project, SmartAngels, have been registered on the 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,” the release read.

No details on the technology used in the implementation were provided.

Overall, the news comes more than a year after the project was unveiled. At the time, BNP and SmartAngels were optimistic that the platform would be launched in the second half of 2016, though no details were provided as to why the milestone was delayed past initial projections.

The announcement further comes at a time when blockchain applications for crowdfunding, particularly in the nascent market for initial coin offerings or ICOs, is exploding, outpacing even traditional venture capital funding in the sector.

Going forward, the partners said they will be working to prepare the platform for larger-scale testing and commercialization.

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