Hamilton, Bermuda (ots/PRNewswire) – B2C2, Keyrock and BlockTower Capital are purchasing a $5 million USDC-denominated bond issued under Bermuda’s Digital Asset Business Act.
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.
The bond, issued on April 8 and successfully redeemed a week later, was collateralized by a U.S. Treasury bill and yielded 5.10%. The bond is represented by a transferable token and can also be used as collateral. Converting USDC via Coinbase enables lightning-fast, same-day investments in US Treasuries. They are settled on the blockchain and move in seconds, much faster than traditional bonds.
After raising $9 million last year to develop debt capital markets, PV01 has demonstrated its proof of concept by successfully structuring a $5 million digital offering through a dedicated vehicle with investors including B2C2, Keyrock and BlockTower and led. The proceeds were used to purchase a US Treasury note and exchanged for a corresponding ERC-20 bond token, which is backed one-for-one by the Treasury bond. The entire lifecycle of this digitally native asset took place on the blockchain, from issuance, settlement, trading, transfer and redemption, without the need for a central securities depository. This completes the first step in PV01’s mission to develop the first blockchain lending market.
„PV01 bonds represent a crucial innovation in finance“, said Thomas Restout, Managing Director of B2C2. “The ability to fully change ownership of bonds on the blockchain offers the chance to use fast-moving and secure collateral to support trading activities with exchanges and counterparties.“
“Merging the security and reliability of traditional bonds with the immutability and transparency of blockchain technology has produced a truly groundbreaking and superior financial instrument,” said Kevin de Patoul, CEO of Keyrock. “We are excited and honored to be working with PV01 , to be among the pioneers in the tokenization of bonds. This initiative fits seamlessly into Keyrock’s overarching mission to tokenize all forms of value and thus usher in a new era of financial innovation.
PV01’s commitment to developing a trusted institutional platform that enables the fixed income market on a blockchain is demonstrated by Bermuda’s leading reputation as a preferred jurisdiction for digital asset companies and the combined legal expertise of Hogan Lovells and Walkers Global . They helped enable the first digital native bond issued on a public blockchain under English law.
Information 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 an arranger and broker-dealer for digital bond issuers and manages the structuring, bookbuilding and sales process to qualified non-U.S. institutional investors through a non-custodial platform. PV01 received $9 million in seed funding from Tioga Capital, BlockTower and Ryze Labs. Further information at www.pv0.one
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