Japan’s Fisco Launches First Bitcoin Bond in the Country
Japanese firm financial Fisco Ltd has issued Bitcoin-denominated bonds on August 18.
This effort by the company is expected to help boost their business once the project takes place, making this digital currency accepted as a legal financial asset.
This first deal is a huge project for the Tokyo-based company as they anticipate that Bitcoin will be identified as a financial asset in Japan. They specifically designed the bonds to meet the highest requirements and support the advancement of Bitcoin, boosting its prominence on its own.
In fact, Masayuki Tashiro, Fisco’s chief product officer shares that the company “will eventually be recognized as a financial product” under the local laws of the country.
And if the company will become the arranger once their goals become a reality, Tashiro expects that the company will earn fees.
Fisco Ltd. has partnered with a firm within the company’s group in order to test the capability of the digital currency. They want to see if Bitcoin bond will be effective in fund raising by issuing a three-year bond that is worth 200 Bitcoin through a bond sale.
The said event happened on August 10, 2017, where the debt will pay three percent coupon, as well as 200 Bitcoin returns to the holder as it reaches its maturation on August 10, 2022.
For the past years, Japan has seen the growing ecosystem and the wide use of cryptocurrency. Not only do companies embrace this digital currency, they also create innovative ways to make money from it. While the status of the Bitcoin bond is still unclear and uncertain for now, the Fisco Ltd is positive about this great opportunity.
In the words of Dan Doney, Chief Executive Officer of Securrency:
“the Bitcoin-denominated bond brings digital currencies into the world of high finance”.