July 3, 2019
LUXEMBOURG, 3rd JULY 2019 — Argento Access and LBX, London Block Exchange, have partnered to launch the world’s first bitcoin-denominated bond. The bond settles in bitcoin, is priced in bitcoin, pays monthly coupons in bitcoin, redeems in bitcoin, and has no traditional ‘fiat’ currency exposure anywhere in the structure. The bond is available in a variety of durations, each of which has been allocated an ISIN security code by Clearstream. This means the bonds can be looked up on a Bloomberg terminal and this is the first time a cryptocurrency product has ever been allocated such a code. The notes are exclusively traded via LBX Trading and are custodied by an FCA regulated custodian in London. The register of noteholders is maintained on the blockchain. Crucially, the bonds can be properly included in all company accounts worldwide, whereas some countries’ accounting practices forbid putting raw bitcoin on a balance sheet. The durations are named to appeal to the digital asset community: “FOMO”, “HODL”, “LAMBO”, and “MOON”. Capacity for each series is strictly limited to 10,000 bitcoins.
Phil Millo, Argento’s Manager, said:
“We are thrilled to have structured and produced the world’s first institutional grade bitcoin denominated financial product. The large investment banks really dropped the ball on this one.”
Benjamin Dives, CEO of LBX said:
“This is an excellent product for people who currently hold bitcoin and aren’t planning to sell over the next few years — the so-called ‘HODLers’. Now, for the first time, they have an institutional grade way of making their wallets grow without exposing their bitcoin to the swings of the traditional ‘fiat’ currency markets.”
About Argento: Argento Access (argentoaccess.com) is a Luxembourg registered securitisation company. Since 2013, Argento has enabled asset managers to cost-effectively package their assets into easily purchasable investment notes.
About London Block Exchange: LBX (lbx.com) is a well-known London-based digital asset gateway for individuals and institutions. Since 2017 LBX has been at the forefront of offering premier digital asset products to the European cryptocurrency community.
SPOKESPEOPLE: Phil Millo (Argento) and Benjamin Dives (LBX)
For more information, or to arrange an interview with Phil Millo or Benjamin Dives, please contact Mandy Achungo (firstname.lastname@example.org)