FIC Network took another step towards creating a blockchain ecosystem for fixed-income assets.
The blockchain technology provider, an affiliate of San Mateo, Calif.-based Factury, recorded its first privately placed corporate bond on its platform. It did this Oct. 31, the day after launching its mainnet after a year of development.
Capstone Intelligent Solutions said in a press release about the investment it recorded a one-year-, privately placed bond in U.S. dollars using FIC’s technology, including an open-source FIC wallet and FIC coins. The wallet enables users to view and transfer coins on the FIC blockchain.
FIC said its blockchain-based platform allows institutional investors and other users to list, settle and redeem corporate bonds, asset-backed securities and hedging instruments at a savings over current systems. FIC’s blockchain uses the Stellar Consensus protocol. The company completed a pre-sale of its token this summer.
In a June interview with ThirtyK, Factury founder Arturs Ivanovs said his company was working to address a lack of transparency and high transactions costs. Ivanov said there is “a large opportunity in the corporate bond market to connect companies that have a solid financial situation and need capital to expand their operations.”