Bitcoin Suisse, one of the largest digital asset players in the country, has issued a digital bond via the Obligate platform. When asked for more details about the bond, Bitcoin Suisse told Ledger Insights that it is a technical prototype with a 12 month maturity, available only to qualified investors.
The issuer claims to be the largest digital asset custodian in the country. With CHF 5 billion ($5.6bn) in assets under custody that sounds about right. Around 40% of those assets are part of its staking solution, which together with crypto trading contribute significantly towards its revenues. However, the company made a loss of CHF 13 million in 2023. It managed to recover that and more in the first quarter of 2024 with a profit of CHF 17.2 million.
The purpose of the bond is to fund its digital asset lending solution and the bond is over-collateralized. With Circle as Obligate’s backer, the issuance is atomically settled using USDC as the settlement currency.
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