Swiss crypto custodian Bitcoin Suisse has issued tokenized bond by way of Obligate to double down on progress efforts within the lending enterprise.
Bitcoin Suisse, Switzerland’s largest crypto custodian with over $5.5 billion in belongings below custody, has secured new capital by issuing a tokenized bond on Obligate, an on-chain capital markets platform.
In response to a press launch shared with crypto.information, the investment-grade bond is overcollateralized and makes use of Circle’s USD Coin (USDC) stablecoin because the settlement foreign money. The issuance was executed by way of atomic settlement of the bonds in opposition to the stablecoin.
Bitcoin Suisse head of treasury Sandro Huwyler says the extra capital generated by the issuance of the brand new bond “will bolster the growth and progress effort of our lending enterprise and assist us meet the rising demand of our purchasers.”
“Bitcoin Suisse stays dedicated to bridge the hole between conventional finance and decentralized expertise. The milestone of issuing this tokenized bond reinforces our pioneering function within the business and displays the belief buyers place in Bitcoin Suisse, its financials and its enterprise mannequin.”
Sandro Huwyler
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Commenting on the bond tokenization, Obligate co-founder Stephan D. Meyer says the platform desires to “empower institutional-grade brokers and custodians like Bitcoin Suisse, who custody billions in belongings, to leverage our superior blockchain expertise, sturdy authorized framework, and collateralization capabilities.”
Based in 2013 by Niklas Nikolajsen, Bitcoin Suisse affords crypto chilly storage companies for institutional buyers. In 2020, the Zug-headquartered firm raised CHF 45 million (over $50 million) in a Sequence A funding spherical from a variety of Swiss and worldwide buyers, together with Roger Studer, the previous head of funding banking at Financial institution Vontobel, and Swiss banker Tobias Reichmuth.
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