World’s First Bitcoin-Denominated Bond Is Launched
Two European companies have launched a product described as the world’s first genuine bitcoin (BTC) bond, they confirmed in a joint press release. The companies are Luxembourg-based Argento, a securitization firm, and London Block Exchange (LBX). They issue the bitcoin-denominated bond, which is regulated under the Financial Conduct Authority (FCA), the UK watchdog.
Argento manager Phil MILLO commented on the product:
“We are thrilled to have structured and produced the world’s first institutional grade bitcoin-denominated financial product. 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. LBX CEO Benjamin DAVIES also provided his comments:
“This is an excellent product for people who currently hold bitcoin and aren’t planning to sell over the next few years. 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.”
Image courtesy of Altcoin Today
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