Several Finnish financial firms are working with local vendor Tieto to build a distributed ledger for issuance and trading of non-listed company shares.
The aim of the project is to boost liquidity in private company stocks via the deployment of a tokenised share ledger, visible to all stakeholders, improving transparency and easing the issuance of new shares and secondary market trading.
The development work on the new platform, which is slated for customer piloting in 2019, has been undertaken by online business and consumer information services provider Asiakastieto Group, financial groups Nordea and OP Group, investment service group Privanet and software house Tieto.
Using a combination of R3's Corda and Hyperledger, the project also included experts and advisory from the Finnish Tax Administration, Finnish Patent and Registration Office as well as Borenius Attorneys.
Consortium members are seeking further input from startups and investors during the development of the business network, with interested parties invited to contact Markus Hautala from Tieto, email@example.com, for more details.