Blockchain
Tradeweb signs blockchain agreement with Alphaledger – Ledger Insights
Today an American blockchain startup Alphaledger announced that it is collaborating with Tradeweb Markets, the company that operates one of the leading over-the-counter markets for fixed income securities. They plan to jointly develop new products using Alphaledger’s blockchain technology.
This is the second blockchain initiative for Tradeweb in the space of a month invested in Securitizewhich operates the tokenization infrastructure for BlackRock’s first digital money market fund, BUIDL.
Tradeweb currently supports approximately $1.5 trillion in daily trades (notional value).
Alphaledger secures Series A funding
In addition to the TradeWeb deal, Alphaledger revealed its Series A funding round led by EJF Capital with support from KDX. According to PitchBook, the figure was $9.5 million after raising a seed round of nearly $6 million in 2021.
We first wrote about Alphaledger in 2022, when it used its permissioned blockchain to issue the first Blockchain-based US municipal bonds. The company describes itself as a creation and clearing platform for fixed income securities. It also facilitates the trading of municipal bonds between two banks on its platform. One of its subsidiaries is a FINRA-registered broker-dealer, while another is a transfer agent. A group of former PIMCO employees founded the company.
Blockchain helps add transparency, traceability and expand access. One of Alphaledger’s goals is to enable a broader geographic distribution of municipal loans for risk reduction purposes. Otherwise, community bank investors are subject to hyperlocal environmental risks.
The concept was validated last month when JP Morgan was involved in a issuing municipal bonds using its blockchain-based digital debit service for the first time. This is part of the bank’s Onyx unit, which includes JPM coin, intraday repurchase agreements it’s a tokenized collateral network.