The Spanish stock exchange Bolsas y Mercados Españoles(BME), a SIX Group company, has become one of the main shareholders of OpenBrick, according to a press release. The Madrid-based company founded by Grupo Lar, Renta 4 Banco and ioBuilders is developing a platform using blockchain technology. This connects issuers, investors and financial intermediaries with a large number of property projects whose tradable securities can be purchased on a primary market and then traded on a secondary market. In addition to BME, Garrigues and Teras Capital are also new strategic partners.
The market will act as a financing channel outside of banks. The aim is to enable property players to obtain funds for the development of their projects more quickly and cost-effectively. BME will assume the role of platform operator via the Spanish central securities depository Iberclear and will be responsible for managing the trading and settlement system under the DLT (Distributed Ledger Technology) Pilot Regime of the European Securities and Markets Authority.
OpenBrick received authorisation to sandbox from the Spanish Securities and Exchange Commission(CNMV) in February 2023 with a positive preliminary assessment. The company reportedly expects to receive the EU licence for operations via BME 2025. The first project will start with the Madrid-based property manager Alquiler Seguro.
“With this investment, SIX is positioning itself as a key player in the EU’s digital agenda and in the further development of the financial markets,” said Javier Hernani, Head Securities Services and member of the Executive Board of SIX. SIX is convinced “that this is the first step on a long and successful journey”.
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