BondEvalue has just conducted its first blockchain-based bond trade which allows investors to buy BondbloX bonds for as low as $1000.
According to the firm, investors who wish to purchase or sell their bonds can do so in the blockchain-based bond trade carried out on the platform via their banks or stockbroker. The firm said it has already recorded its first trade on the platform, which involved a seller from Singapore and a permanent resident.
The transaction carried out was totaled to be around $8,000, with the bond having a maturity of 100% in the next three years. The transaction was overseen and completed via Taurus wealth advisors, who are officially the first member of the platform.
BondEvalue confirms custodian partners on the platform
In the firm’s statement, any settlement that would be carried out in the blockchain-based bond trade on its platform would be on a T+0 basis with a standard settlement rate set at $2. Furthermore, partners of the platform may also include charges for completion of a transaction, but it is totally at their discretion. Also, coming into the new blockchain-based platform, the firm announced that Northern Trust and UOB Kay Hian would also be verified partners.
Since its inception, BondEvalue is the first company to be approved by the MAS (Monetary Authority of Singapore) regulatory body. The coming weeks will see the firm complete its verification and approval process to be certified as a market operator in the country.
BondEvalue CEO says new blockchain-based bond trade will change the industry
Talking to journalists, CEO and founder of BondEvalue, Rahul Banerjee, said the firm hopes to bring what other firms have not been able to bring into the market.
Our main aim is to change the way the industry is viewed as a result of our BondbloX platform.
The firm says they are hoping to amass multitudes of customers across Asia to the tune of 25 million in the next five years as they currently boast of about 500,000 customers who will enjoy the perks of the blockchain-based bond trade on the platform.