Laqus, a Brazilian financial market infrastructure firm, has announced its acquisition of Estar Finance, a tokenized asset trading platform operating within the CVM's regulatory sandbox. This strategic transaction, pending regulatory approvals, is set to significantly enhance Laqus's capabilities in Brazil's rapidly growing digital asset and private credit markets. The move combines Laqus's established post-trade infrastructure with Estar's innovative secondary market technology, signaling a key consolidation in the sector.
A Strategic Move in a Growing Market
The acquisition positions Laqus to assume a leading role in markets governed by CVM Resolution 88, which regulates investment crowdfunding in Brazil. Founded in 2010 as Mark 2 Market, Laqus already provides deposit, bookkeeping, and custody services for over $9.58 billion in assets. This deal accelerates its plan to offer an integrated, flexible solution for the expanding digital finance, private debt, and tokenization ecosystems.
Estar Finance, launched in 2022 by SMU Investimentos, distinguished itself as a standout participant in the CVM's regulatory sandbox. The platform, which facilitates trading in startup equity and fixed-income securities, was developed using technology licensed from Nasdaq. The acquisition provides Estar with the robust regulatory framework and institutional backing required to transition out of the sandbox and scale its operations.
Combining Infrastructure with Innovation
Rodrigo Amato, CEO of Laqus, stated that the transaction enhances the company's capacity to deliver efficiency, security, and liquidity across the ecosystem. He emphasized that the private credit and tokenization sectors demand more sophisticated and interoperable infrastructure. The combination of Laqus's regulated base with Estar's technology aims to provide the foundational support needed to enable this market growth securely.
The merger creates significant synergies, as both firms serve a similar client base, including tokenization platforms, but with complementary offerings. Laqus provides the essential post-trade infrastructure, while Estar operates an organized over-the-counter (OTC) market for secondary trading. This integration creates a comprehensive, end-to-end solution for digital assets, from issuance to post-trade settlement and liquidity.
Vision for the Future and Market Context
This acquisition is a critical step in Laqus's long-term vision to become the "Euroclear of Latin America" by offering comprehensive post-trade infrastructure. Integrating Estar's OTC market capabilities brings Laqus closer to providing a full suite of services comparable to its European benchmark. The move also strengthens its competitive position against the market incumbent, B3, particularly in emerging asset classes.
The deal reflects a global trend of established financial institutions acquiring or investing in digital asset startups to modernize their services. Major international players like Deutsche Börse, DTCC, and Euronext have made similar moves to incorporate innovative technology. The Laqus-Estar union demonstrates that Brazil's financial market is actively participating in this worldwide evolution toward a more digitized and efficient future.
The acquisition of Estar Finance by Laqus marks a pivotal moment for Brazil's capital markets, effectively merging traditional infrastructure with digital innovation. This strategic union is poised to foster greater liquidity, security, and efficiency in the burgeoning private credit and tokenized asset sectors. As the market continues to evolve, this newly integrated platform will be instrumental in supporting the next generation of financial products and services.