Singapore financial technology firm BondEvalue Pte has appointed Citigroup Inc. as custodian to support bond trading on its digital exchange.
Citi will provide asset safekeeping and servicing solutions and facilitate seamless integration with BondEvalue’s member participants, the bank says in a statement on March 22.
BondEvalue launched the blockchain-based fractionalised bond exchange in 2020. The firm claims it’s the first of its kind in the world. The minimum investment is US$1,000, a fraction of the amount for investing in conventional bonds.
“The work we are doing with BondEvalue creates a foundation that will enable us to evolve our capabilities to support the digitalisation of markets and assets, while helping BondEvalue in their mission to broaden transparency and democratise access to the bond markets,” Ryan Marsh, global head, distributed ledger technology and digital innovation for Citi Securities Services, says in the statement.
New York-based Citi had over $24.9 trillion of assets under custody and administration globally as of December 2020.
