QR Capital, Brazil’s largest crypto hedge fund provider, plans to launch a non-security digital asset, the Brazilian Legal Receivables and Precatory Bonds Exchange (BBPR) on the Tezos blockchain.
According to an update by The Global Blockchain Business Council (GBBC) today, the BBPR would provide custody for non-security assets, while granting investors access to these unique asset classes.
“The Brazilian Legal Receivables and Precatory Bonds Exchange (BBPR) will facilitate access to legal receivables for specialized funds, family offices, and high net worth individuals interested in investing in this high yield asset class,” the announcement reads.
GBBC stated that the initiative was launched on the Tezos blockchain, to provide transparent and tamper-resistant bookkeeping of assets ownership.
QR Capital joins the growing list of prestigious companies and fund managers that are tokenizing real-world assets on Tezos. Enterprises such as tZERO, Alliance Investments, BTG Pactual, Dalma Capital, Elevated Returns, Securitize, and more have announced over $2.643 billion worth of security token to be deployed on the Tezos blockchain.
Regulators Delay Digital Securities Legislation
Meanwhile, the recent development from QR Capital is coming after the consistent delay by regulators in approving proposed digital securities laws in Brazil.
For startups, the quest to launch a digital securities platform has never been easy, as these moves usually take time before they are approved. The constant delay and subsequent refusal to adopt these initiatives have prompted firms to launch a non-security asset exchange.
Coinfomania reported in a similar development that Watchdog Capital launched a decentralized platform built on the blockchain for digital and traditional securities.
One can expect that as more countries specify regulation for the issuance of digital assets, the tokenization sector will see remarkable growth. Perhaps, it will finally live up to the hype that made it one of the most touted use cases for blockchain technology.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!