In a reminder of how quickly tokenisation is transforming Brazil’s capital markets, the firm Fenynx completed its first capital raising by selling equity backed by B3 tokens through a crowdfunding platform.
According to local media outlet InfoMoney, the sale marks a watershed moment for the Brazilian stock exchange: it is the first equity crowdfunding platform to sell tokenised shares directly on B3’s digital asset infrastructure.
The crowdfunding concept enables tokens, which work as fractional collective investment contracts akin to corporate shares, to be traded on B3’s digital-asset platform, providing investors with liquidity after the original sale.
Crowdfunding gains traction amid IPO drought
According to Leonardo Rezende, B3’s superintendent of companies, the launch represents a new funding option for tiny companies.
“It’s the first equity crowdfunding platform, meaning it involves the sale of shares, launched on the Brazilian stock exchange in a tokenised format that will allow for the subsequent trading of these assets, a format that could become an option for financing small businesses,” according to him.
Rezende adds that six crowdfunding platforms have already signed contracts to use the exchange’s structure, while 14 more are in talks. The sales could include equity holdings or tokenised debt securities.
The larger crowdfunding industry grew rapidly during a period when there were no initial public offerings on the exchange.
According to Felipe Lippel Lettiere, head of crowdfunding at B3, the industry moved R$3 billion in the third quarter of this year, virtually double its volume from the same period a year ago.
He explains that offerings and negotiations are conducted through platforms that operate like brokerage firms, connecting clients to B3’s infrastructure to finalise transactions.
Tokenised shares put Fenynx’s valuation near R$14 million
Fenynx sold 11.27% of its capital using tokenised shares issued by Zuvia Digital Assets, a cryptocurrency firm regulated by Brazil’s Securities and Exchange Commission.
The tokens were subsequently issued to investors on B3, raising R$1.555 million to support the company’s growth.
“With this amount, we can estimate the total initial value of Fenynx at R$13.8 million,” says creator Lucas Montanini, who cofounded the company with Luan Rodrigues.
He goes on to say that the financing round drew notable personalities from Brazil’s technological sector as investors.
Digital assets as collateral: a first for Brazil
Fenynx’s fundamental business is also unique in Brazil: it provides credit to people and businesses with digital assets as collateral.
Montanini notes that the organisation takes cryptocurrencies such as Bitcoin and StableCoins, which track exchange rates, as well as tokenised representations of real estate, corporate debt, investment-fund shares, and other digital assets.
He claims that tokenisation simplifies the use of real-world assets as collateral.
A token representing a property, for example, can be utilised without the requirement for notary registration or appraisals, minimising bureaucracy and expediting transactions.
Borrowers can obtain loans for up to 50% of the value of their digital assets, with monthly interest rates beginning at 1.3%, which he considers modest by Brazilian standards.
Fenynx keeps a safety margin by retaining supplementary guarantees equal to 100% of the debt.
If the collateral loses value, as it did lately with Bitcoin, the corporation requests that clients improve their guarantees or pay down a portion of the loan.
“We have an Artificial Intelligence system that checks the values every day and, if the debt reaches 70% of the guarantee, the system requests an adjustment,” according to Montanini.
Regulatory ambitions and funding structure
Fenynx acts as a loan originator and does not require Central Bank approval because it does not store the collateralised assets; custody is handled by a partner bank.
However, the company wants to apply for registration with the Central Bank as a Virtual Asset Service Provider (VASP) so it can oversee custody and asset transactions directly.
Montanini said the company already buys and sells and is trying to meet the Central Bank’s capital, presence, and infrastructure requirements.
Loans can be issued in Brazilian reais, virtual currencies, and international currencies.
Funding will come from three sources: a collaboration with Zuvia, which accepts token investments; general credit investors such as FDICs, family offices, investment funds, and asset managers; and foreign investors through the DEX, a decentralised exchange. Borrowers can prepay, but payment is not due until the end of the 12-month contract period.
Building on prior fintech experience
Montanini draws on his experience at Live On, a fintech company whose technology was utilised by 70 digital banks before being acquired by Banco Modal and then by XP.
He expects digital-asset-backed lending to grow quickly and compete with traditional lending. Fenynx’s goal is to attain R$20 million in digital asset-backed loans by next year.
“Our idea is to combine all traditional assets with digital assets, which should grow significantly in the coming years,” he explains.
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