Linklaters has advised Singapore based fintech company, BondEvalue, on the launch of the BondbloX Bond Exchange (BBX) and the initial trade of fractionalised Bondblox on the platform.
The BBX is a digital exchange that provides for the issuance, trading and settlement of fractionalised bonds backed by existing international securities. Eligible investors will be able to trade BondbloX on a platform that provides for smaller denominations, immediate transfer and settlement and clear price discovery.
Linklaters advised BondEvalue on the initial legal structuring, the MAS sandbox process, documentation of the platform and onboarding of third parties. This project is a great example of how permissioned blockchain and digital platforms can innovate traditional markets and offer new and interesting business models and opportunities.
Initial participants on the BBX include UOB Kay Hian, as an Initial Launch Partner, Northern Trust as Designated Custodian and Taurus Wealth Advisors as an initial direct member of the BBX.
The Linklaters cross-practice team was led by capital markets partner, Jonathan Horan, with support from financial regulation partner, Peiying Chua and TMT partner, Adrian Fisher.
Jonathan Horan, Linklaters’ Singapore-based capital markets partner, commented:
“We are excited to have had the opportunity to work with BondEvalue on the BBX platform. BBX sets itself apart from other digital asset projects as the full record of ownership, transfers and settlement are executed and recorded on the BBX ledger.”
BondEvalue’s founder and CEO, Mr Rahul Banerjee, commented:
“We are thrilled to launch BondbloX, the world’s first bond exchange powered by blockchain technology. We have been working in partnership with Linklaters since the initial design and legal analysis of the BBX. The legal effort and innovation in this project has been as substantial as the technology developments. We thank all the members of the Linklaters team that have contributed to this milestone.”
Linklaters is at the forefront of the most complex and innovative developments in the international capital markets. The successful launch of the BBX marks a significant step in practical blockchain implementation for international capital markets and continues to position Singapore at the forefront of digital asset innovation.
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