World’s first zero-fiat ‘Bitcoin bond’ now available on Bloomberg Terminal

by Osiris Team


Posted on July 3, 2019, 12:59 p.m.
Development
Time to read: 2 min
BTC

Luxembourg-based Argento, a securitization firm, joined forces with London Block Exchange (LBX) to issue the bitcoin-denominated bond, which is regulated under the United Kingdom’s regulator, the Financial Conduct Authority (FCA).

“We are thrilled to have structured and produced the world’s first institutional grade bitcoin-denominated financial product,” Argento manager Phil Millo commented.

“The large investment banks really dropped the ball on this one.”

The Argento-LBX bond represents a first in regulated cryptocurrency products, in that it contains no fiat exposure for investors. It is readily available via Bloomberg Terminal, and is the first crypto product to have its own ISIN code.

Various durations are available, Argento conspicuously naming them after crypto-specific phenomena such as ‘FOMO,’ ‘HODL’ and ‘MOON.’

HODLers, LBX says, form one of the bond’s major target markets.

“This is an excellent product for people who currently hold bitcoin and aren’t planning to sell over the next few years…,” CEO Benjamin Davies added.

“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.”

Previously, the governments of several developing nations had told the International Monetary Fund (IMF) that they were keen on issuing bonds tied to bitcoin.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Wells Fargo pilots a dollar-pegged stablecoin for internal use

US financial giant Wells Fargo is developing a US dollar-linked stablecoin that will run on the firm’s first blockchain platform. The so-called Wells Fargo Digital Cash is planned to facilitate internal cross-border settlements


Adoption Development
All

Sept. 17, 2019, 4:30 p.m.

France will not tax crypto-to-crypto trades

French economy minister Bruno Le Maire has stated that crypto-to-crypto trades will be tax-exempt, according to a report by Bloomberg.


Regulatory
General

Sept. 16, 2019, 3:13 p.m.

France to block development of Facebook’s Libra, says minister

The country’s Minister of the Economy and Finance, Bruno Le Maire, said in new comments that Libra threatens the “monetary sovereignty” of governments


Adoption Development
LIBRA

Sept. 13, 2019, 9:34 a.m.

Binance US plans to begin onboarding customers next week

The largest crypto exchange by volume is making its U.S. debut next week.


Alerts Development
General

Sept. 12, 2019, 12:44 p.m.

Gemini launches custody product with 18 cryptos including Ethereum tokens

The Gemini exchange is launching an institutional-grade crypto custody solution, according to an announcement Tuesday.


Development
All

Sept. 11, 2019, 1:44 p.m.

Follow us