‘World’s first institutional grade Bitcoin-denominated bond,’ goes live in Europe


  • The Bitcoin-denominated is accessible via the Bloomberg Terminal.
  • This particular Bitcoin bond is unique because it has no exposure to fiat.

A couple of firms joined hands to develop what they call the world’s first genuine Bitcoin (BTC) denominated financial product according to a press release on July 3. The London Block Exchange (LBX) and Luxembourg-based Argento, a firm that concentrates on securitization collaborated to introduce on the market a Bitcoin-denominated bond that is now regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

A statement by Argento’s manager Phil Millo in the press release says:

“We are thrilled to have structured and produced the world’s first institutional grade bitcoin-denominated financial product.” He added “The large investment banks really dropped the ball on this one.”

This particular Bitcoin bond is unique because it has no exposure to fiat. It has been made available to investors though the Bloomberg terminal and makes the first crypto product to get its own ISIN code. The firms are targeting long term holders for the bond’s major markets.

Another statement from the CEO, Benjamin Davies says:

“This is an excellent product for people who currently hold bitcoin and aren’t planning to sell over the next few years…,” in addition to that Davies reckons, “Now, for the first time, they have an institutional grade way of making their wallets grow without exposing their bitcoin to the swings of the traditional ‘fiat’ currency markets.”

 

 


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