Dolci Palmisano Tokenizes €300K Minibond with Blockchain

Venetian traditional biscuit maker Dolci Palmisano has successfully completed a €300,000 tokenized minibond issuance, marking a significant step in leveraging distributed ledger technology for corporate debt. This move follows a similar €300,000 issuance last year, underscoring the company's consistent access to private debt markets. The latest offering, featuring a 5.55% coupon and a June 2027 maturity, saw key support from anchor investors Fidimpresa Friulveneto and Cofidi Veneto.

The innovative aspect of this transaction lies in its tokenized structure, representing a pioneering effort by an independent, non-banking advisor, F&P Merchant, to facilitate such a market operation. This initiative is part of a broader strategy by F&P Merchant to industrialize blockchain-based financing processes, with potential integration into the group's crowdfunding platform, Fundera, in the future. This approach aims to streamline debt issuance for small and medium-sized enterprises.

The digital backbone of this issuance was provided by Weltix spa, a fintech platform regulated by Consob, which managed the digital registry on a blockchain infrastructure developed by BlockInvest. Weltix ensured regulatory compliance, blockchain registration of the digital financial instruments, and notarization of all transactions. This technological framework guarantees legal certainty, security, and immutability for ownership attribution and transfers, as highlighted by Antonio Chiarello, founder and CEO of Weltix.

Chiarello emphasized that the use of DLT (Distributed Ledger Technology) offers substantial procedural and cost efficiencies for SMEs and their investors. The successful implementation of this tokenized minibond demonstrates the practical application of Italy's Fintech Decree, translating regulatory frameworks into tangible financial benefits. This development is particularly relevant in a market where access to flexible and efficient financing is crucial for business growth.

Further enhancing investor confidence, the minibond investors individually secured guarantees from the Fondo di Garanzia PMI (SME Guarantee Fund). Looking ahead, new inter-ministerial decrees are set to enable fintech platforms like Fundera to directly interface with the Guarantee Fund. This will allow for pre-issuance public guarantees on minibonds offered through crowdfunding portals, simplifying the process for eligible investors and potentially broadening participation in such debt instruments.

Leonardo Frigiolini, President and CEO of F&P Merchant, expressed optimism about integrating tokenized issuance with primary market placement via Fundera. He anticipates that by year-end, this integrated approach will significantly reduce costs and bureaucratic dependencies for clients. The firm is actively preparing for the operationalization of the new regulatory provisions, aiming to further democratize access to capital for Italian businesses through innovative financial solutions.