Metlabs and Ursus-3 Capital collaborate on tokenized issuances in Spain

Metlabs and Ursus-3 Capital have agreed to collaborate on tokenized issuances in Spain. The relationship connects Metlabs’ technology infrastructure with Ursus-3 Capital’s activity as an ERIR, the entity responsible for registration and record keeping in projects involving securities represented using distributed ledger technology. The collaboration brings together two distinct areas of work within an issuance.

The collaboration is intended for businesses that want to structure and operate an issuance with defined responsibilities for each participant. Metlabs contributes blockchain development. Ursus-3 Capital contributes its specialism in registration and record keeping. The agreement connects these capabilities in a field where the technical representation of an instrument and the administration of its register need to work together.

Ursus-3 Capital: securities registration and record keeping

Ursus-3 Capital is a securities firm listed in the CNMV’s registers as a designated ERIR for issuances based on distributed ledger technology. This role covers record integrity, identifying holders and managing the entries associated with securities and their transfers. These activities relate to the administration of the instrument throughout its lifecycle.

An ERIR also issues certificates evidencing holders’ rights and handles economic corporate events within its responsibilities. The issuer designates the entity responsible for the relevant issuance. This role distinguishes securities registration from private key custody and from the legal advice that establishes the structure of the transaction and the rights represented by the instrument.

Metlabs: technology for the lifecycle of the issuance

Metlabs develops the blockchain architecture, smart contracts and applications that enable the issuer to manage the project. Implementation needs to reflect the instrument’s characteristics, participants’ permissions and the intended operations. Connecting these elements with registration processes forms part of the decisions that need to be addressed when building the system and defining its operation.

Coordination between engineering and registration matters beyond initial issuance. Transfers, changes of ownership and the exercise of rights may occur during the life of the instrument. The technology platform and the actions of the responsible entity need to follow the same operating model, with consistent information and defined procedures for the parties involved in those operations.

The agreement with Ursus-3 Capital brings the perspective of securities registration into Metlabs’ work on tokenized issuances in Spain. The collaboration connects infrastructure development with a specific securities market function, supporting businesses that need to organise both the initial issuance and the subsequent administration of the instrument throughout its lifecycle.