Blockchain startup BlockEx has partnered with the international law firm Winston & Strawn LLP, to create standardized templates for approximately 90 per cent of the legal documentation required for bond issuance. These smart contracts will dramatically reduce the time and cost for bond issuances and has garnered the company 12 new issues which are currently under due diligence vetting.
Furthermore BlockEx is leveraging its existing software to bring about enhanced automation to the entire lifecycle of a bond in order to further reduce costs. The BlockEx Digital Asset Platform is one of the few large scale production-ready Blockchain products and will be launching at the end of May 2017 with a full exchange, white label brokerage and debt origination tools that allows for full lifecycle management of Blockchain based financial assets.
“We have been closely watching developments in Blockchain technology and have been looking at opportunities to create efficiencies for existing structures by incorporating Blockchain technology,” said Angus Duncan, a finance partner at Winston & Strawn in London. “We are delighted to be working with BlockEx on their exciting new project.”
“The BlockEx Platform will democratise bond issuances enabling small to medium sized enterprises (SMEs) to tap into bond markets at lower costs. A bond issuance will normally cost between $200,000 to $400,000 once banking and legal fees are accounted for,” said James Godfrey MD Capital Markets at BlockEx. Listing on exchanges and obtaining bond ratings can add $165,000 to $200,000.
“We have received a lot of interest from SMEs who have been excluded from capital markets because the costs of going through a bond issuance are too high. The BlockEx Digital Asset Creation tool for SME debt via bonds, trade finance and syndicated loans radically changes the existing set-up,” said Adam Leonard, CEO at BlockEx.
The BlockEx Platform will shave costs by 50 – 75 per cent.
“This is a huge opportunity for SMEs and BlockEx is proud to provide the gateway to make this happen,” said Aleks Nowak, CIO at BlockEx. Instantaneous clearing and settlement of transactions means bond trades operate in T+30 seconds, as opposed to T+5 days, reducing counterparty risk. Transparency is uniquely increased, with KYC and due diligence available at the time of issuance.”
BlockEx’s Digital Asset Platform (DAxP) is an institutional grade exchange with Blockchain asset origination, dematerialisation and life-cycle management tools. The offices are in London, Bulgaria, Taiwan and Israel. https://www.blockex.com/
- Toronto’s Creative Destruction Lab Joins Facebook’s Libra Association - June 19, 2019
- Australia’s Power Ledger to bring P2P Energy Trading to Austria - June 19, 2019
- Litecoin Foundation Teams Up With Bibox And Ternio On Special Edition Litecoin Debitcard - June 19, 2019
- US Legislators Call for Halt to Facebook’s Cryptocurrency Plans – And to Face Congress - June 19, 2019
- Hyperledger Welcomes Diverse Line-up of New Members for Identity Project - June 18, 2019
- Facebook Announces Calibra Digital Wallet and Libra Cryptocurrency - June 18, 2019
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction - June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO - June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services - June 3, 2019
- Bitcoin Inc. CEO Morgan Rockcoon Busted – 21 Months in Prison and Fines - June 3, 2019
- Reshaping a Nation’s Logistics Sector: Singaporean Blockchain Company PLMP Cuts Multimillion Dollar Deal With Indonesia - June 3, 2019
- Swisscom TV Opens Blockchain-based Art Gallery - June 3, 2019
- Canadian Messaging Service Kik Burns $5 Million Fighting SEC Over Utility Tokens, Now Raising $5 Million More to Continue Battle - June 3, 2019
- Salesforce Introduces CRM Blockchain Platform For Selected Clients - June 3, 2019
- Block.one Plans to Tackle Pitfalls of Social Media With New Blockchain Community Called “Voice” - June 3, 2019
- CasperLabs and Ethereum on Proof of Stake Protocol at CryptoChicks in Toronto, family ran Hack-A-Thon for blockchain family - June 3, 2019
- World Economic Forum Inaugurates Global Blockchain Council to Address Lack of Well-Defined Rules for Working with Blockchain - May 29, 2019
- India’s First Blockchain Powered VoD Platform ‘myNK’ Launches At Cannes Film Festival - May 27, 2019
- New Zealand’s Cryptopia Exchange Packs It In – Announces Liquidation - May 15, 2019
- Canadian Blockchain Expert Alex Tapscott and NextBlock Global Limited to Pay $1M for Misleading Investors - May 15, 2019