FQX, which is rebranding to Obligate, announced a $4m seed extension round from new investors Blockchain Ventures and Circle Ventures, who join existing backers SIX Fintech Ventures and Earlybird. It brings the total for the round to $8.5m.
The startup initially launched an eNote solution – a platform for issuing digital promissory notes – on Swisscom’s Hyperledger Fabric blockchain infrastructure. Using that solution, it executed a pilot with Credit Suisse a year ago and partnered with SIX Digital Exchange (SDX) for trading, settlement and custody.
Now with its Obligate rebranding, it is pivoting to the Polygon public blockchain, launching in February 2023 and will support corporates issuing tokenized commercial paper and on-chain bonds. It is not a lender. The platform facilitates the issuance to make the process faster, simpler and cheaper. And it replaces the role of the issuing and paying agent with smart contracts.
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