BondbloX Secures $6M in Series B Funding Led by Beacon Venture Capital

blockchain.news:

Singapore-based Fintech BondEvalue Pte. Ltd. has added new investor Beacon Venture Capital, the corporate venture arm of Thailand’s Kasikornbank, to its cap table as part of a US$6m Series B round, according to official announcement. Beacon Venture Capital joins existing shareholders MassMutual Ventures and Citigroup who also participated in the round. 

Other investors include existing shareholders Potato Productions, a company helmed by entrepreneur Lee Han Shih, and Octava, a Singapore-based family office. 

The latest round follows a Series A raise of US$6m in 2021. This additional funding will allow the Company to scale BondbloX Bond Exchange (BBX), its digital exchange for trading fractional and full-size bonds, as well as grow its international expansion to Gujarat International Finance Tec-City (GIFT City) in India, which recently went live. 

Powered by distributed ledger technology, BondbloX enables investors to buy and sell bonds in denominations of US$1,000 instead of the usual US$200,000, and through a public exchange where prices are highly transparent. 

BBX has seen strong interest from global clients since launching the platform to individual investors last month. BBX also has future plans to list US Bonds (Treasuries as well as Corporate Bonds) on the platform.

This announcement follows the announcement made last month that Citi is the first digital custodian participant of BondbloX Bond Exchange (BBX) for the institutional market. The partnership will allow Citi’s clients that meet certain criteria to become BBX participants and begin trading bonds (both fractionalised and full-sized) almost immediately. 

“We are immensely honoured to welcome Beacon VC to our Series B round, as well as other new and