B2C2, Keyrock
and BlockTower Capital purchase a $5M
bond denominated in USDC and issued under Bermuda's Digital Asset Business Act.
HAMILTON, Bermuda, April 16,
2024 /PRNewswire/ -- PV01 (www.pv0.one)
announces the first sale of a digital native bond on the public
Ethereum blockchain under English law, the gold standard of the
global bond market.
Issued on April 8th and
successfully redeemed a week later, the bond was backed by a US
Treasury Bill and earned a yield of 5.10%. Represented by a
transferable token, the bond can also be used as collateral. Using
Coinbase to convert USDC, it enables lightning-fast same-day
investment in US treasuries. Settled on the blockchain, it moves in
seconds, much faster than traditional bonds.
After raising $9M last year to
evolve the debt capital markets, PV01 has completed their proof of
concept by successfully structuring and leading a $5M digital issuance out of a dedicated vehicle,
with investors including B2C2, Keyrock and BlockTower. The proceeds were used
to purchase a US Treasury Bill and exchanged for a corresponding
ERC-20 bond token, backed one-for-one by the government bond. The
entire lifecycle of this digitally native asset took place on chain
from issuance to settlement to trading to transfer to redemption,
without the need for a central security depository. This completes
the first step in PV01's mission of developing the
first-of-its-kind on-chain debt market.
"PV01's bonds represent a crucial innovation in financial
plumbing," said Thomas Restout,
CEO of B2C2. "The ability to fully change the ownership of bonds
on-chain is an opportunity to use fast-moving and safe collateral
to support trading activity with exchanges and
counterparties."
"The fusion of the security and reliability of traditional bonds
with the immutability and transparency inherent in blockchain
technology has given rise to a truly groundbreaking and superior
financial instrument," said Kevin de Patoul, CEO of Keyrock. "We are thrilled to collaborate with
PV01 and honored to be among the pioneers in the tokenization of
bonds. This initiative aligns seamlessly with Keyrock's overarching mission to tokenize all
forms of value, ushering in a new era of financial innovation."
PV01's commitment to developing a trusted institutional-grade
platform that brings the fixed income market on chain is reflected
in both Bermuda's leading
reputation as the jurisdiction of choice for digital asset
companies and the combined legal expertise of Hogan Lovells and
Walkers Global that helped facilitate the first digital native bond
issued on a public blockchain under English Law.
About PV01:
PV01 is a leading global blockchain finance provider founded in
2023 by B2C2 founders, Max Boonen
and Flavio Molendini. The company
acts as the arranger and broker-dealer for issuers of digital
bonds, and manages the structuring, book-building and sales process
to qualified non-US institutional investors through a non-custodial
platform. PV01 raised $9mn in seed
funding from Tioga Capital, BlockTower, and Ryze Labs. Learn more
at www.pv0.one
Media Contact:
Tim
Reed
Your Partners, LTD
tim@y.partners
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