By Olly Jackson, EMEA
The UK market has hosted the
world’s first fully automated
cryptocurrency-denominated bond issuance that was cleared,
settled and registered on a public blockchain infrastructure.
This could set a benchmark for future sales of digital
money-based debt, and signals further transformation in the
financial services space.
online homeware and interior
decor business LuxDeco is the company behind the issuance,
hosted by Nivaura, which developed the cloud-based
service which enabled the issuance and the administration of a
legally enforceable financial instrument.
Allen & Overy partner Phil Smith, who
advised Nivaura, anticipates their unique legal mark-up
language based contracts could be used for a wide range of
transactions across the financial services sector, which could
be hugely advantageous for lawyers.
"Reducing cost is a key commercial driver for the platform,"
he said. "The Nivaura platform’s functionality
means reduced man hours spent by lawyers on manual