the brazilian Michel Vitale became the first businessman in the country to create a tokenized corporation in Brazil, the Trustt Digital, Curitiba company specializing in business structuring and asset digitization.
As revealed by Vitale, the company uses blockchain throughout the process of registering shares, which are tokenized and, in this way, while in the traditional process, the registration of shares took about a week and involved enormous bureaucracy, now it is done in 24 hours.
To Cointelegraph, Vitale says that this represents a great advance for the country and for the legal and accounting segment, because it ends up eliminating the minutes registered at the Commercial Registry and stored in the companies.
“For companies, accountants and the legal sector, this change represents an evolution of 100 years, the registration that needed to be done manually can happen digitally and instantly”, celebrates the CEO.
The digital and tokenized registration of the joint-stock company was only possible because in June of this year the Startups Law came into effect, allowing commercial boards to authorize the digital registration of companies, provided that they respect the security, reliability and inviolability of company data, which in the case of Trustt Digital is made with blockchain.
“Structures have been created with a view to reducing bureaucracy and the modernization of the State. Blockchain technology brings many possibilities that can now be fully implemented with total freedom in the economic and business environment”, he highlighted.
Vitale also highlights that Trustt Digital already has several clients and projects on the market with Adopt1Tree, which is aimed at the European and Asian market. The executive highlights that this is the first initiative in the world to tokenize the implementation of tropical forests of African mahogany, offering Carbon Credits in the repurchase of the Token.
“We were looking for a company to develop just a donation site. With tokenization, trustt.Digital took our idea to a level we had never imagined, but it fit perfectly with our goals. It was perfect.” highlights Reobote Tocantins
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