NRI Becomes the First Japanese Tokenized Bond Issuer
Even amidst all of the global lockdowns and the COVID-19 issues, there are still good news to be found in the cryptocurrency world. Just this week, the well-renowned Nomura Research Institute (NRI), an IT service provider and consultancy company in Japan, became the first platform to ever offer blockchain-based digital bonds directly to Japanese investors. The group’s overall goal to expand tokenization efforts in the Japanese market has finally come to fruition.
NRI made it a point to specifically issue two different bonds. The first bond, a 25 million yen bond with a three-month maturity, actually greatly differs from traditional bonds as there is no interest paid to holders whatsoever. Instead, these “digital asset bonds” pay redeemable points unlike the second one which does pay holders a low-interest rate. For them to bring this into the Japanese market actually amazing in and of itself. NRI greatly utilized their multiple partnership contacts within their sphere of influence to make this possible. Nomura Securities also acted as the underwriter for said tokenized bonds while they got BOOSTRY as their registry agent for the issuance. More importantly, it was just last year that NRI and Nomura created BOOSTRY as part of a joint venture, a project they started way back in 2015.
The project’s goal was to develop a fully-functioning blockchain platform for the exchange of any and all securities. This tokenized asset platform was to provide more efficiency, liquidity, and security to the Japanese market. The BOOSTRY project began with an impressively massive $11 million capital investment and to this day, Nomura only has a 6% stake in it while NRI holds a whopping 34% share.
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