Shortly before Christmas in 2020, Japan’s SBI bought out B2C2, the institutional crypto broker and liquidity provider. Now its co-founders Max Boonen and Flavio Molendin have launched PV01, a Bermuda-based broker-dealer and arranger of digital bond issuances. Earlier this month it ran a proof of concept that involved bond issuances on the public Ethereum blockchain under English law.
The $5 million native bond was issued via a special purpose vehicle, Digital Bonds Ltd, with the proceeds used to buy a US Treasury Bill, so the token was secured by the bill. Investors included B2C2, Keyrock and BlockTower and the issuer redeemed the bond a week later.
While Treasury backed tokens are a planned product, its easy to get distracted that the intent here is for PV01 to provide an institutional grade bond platform with PV01 regulated as a Digital Assets Business in Bermuda. Apart from Treasury-backed bonds it can also enable crypto firms to issue corporate bonds.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
