3M Stock, a company that makes batteries, batteries and solar panels, has announced it will use blockchain technology to track and record trades in its stock.
3M CEO Brian Bionta told Recode on Wednesday that the company has received support from bitcoin startups CoinLab and BitGo, and plans to launch its first blockchain-based stock trading platform in December.
The announcement follows news last month that Biontta’s firm, 3M Global Holdings Inc., had raised $300 million in Series A funding.
Bitcoin exchanges are currently unregulated, with some of the biggest names in the industry including bitcoin wallet provider Coinbase suspended from trading in the U.S. last month.
But Bionza says the blockchain-powered platform will allow 3M to be transparent about its trades.
3G is the third blockchain startup to announce plans to use blockchain tech in the past few months.
In January, startup Blockstream announced plans to adopt blockchain technology in the securities market, which could allow it to increase its trading volume and improve its trading accuracy.
Blockstream’s announcement came after the SEC issued guidance that said cryptocurrency exchanges must be regulated by the SEC, but that could leave them unregulated.
Bionts plans to work with regulators and other experts on how to implement the new rules, and says he expects the regulatory environment to change.
“The blockchain industry is poised to become a very big business, and as that happens, it is going to require some of these other companies to change,” Biontas CEO told Recoded.
“There’s going to be a lot of people trying to get involved, and there’s going be some pushback from other people, and that will be the next phase.”3M’s CEO said the company intends to make the blockchain platform available to its customers in December, but did not say how the company plans to pay for it.
BIONTA said he hopes to use the platform to offer more personalized advice for investors.
“We have an opportunity to be able to provide investors more personalized insights,” he said.
“We will be looking to partner with some other people in the blockchain space, and we will see how we can be able make that happen.”
3M is not the only company looking to use cryptocurrency technology in its own business.
In October, Twitter Inc. said it would use blockchain to improve customer service and track customer activity.
Twitter’s announcement followed the launch of a bitcoin wallet app called Mycelium that was also powered by the blockchain.
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