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Babel Finance, one of the world’s leading providers of crypto financial services, today announced that it has successfully issued the first secured USDC note via eNotesTM, a contract-based smart global debt instrument powered by blockchain startup FQX AG on its Solana environment.

Electronic Notes on Solana

The transaction was executed using a Fireblocks custody wallet. The principal was provided by a Swiss investment firm and secured by a smart contract-based collateral denominated in SOL. For delivery versus payment as well as collateral management, FQX’s decentralized escrow programs were used. The transaction was initiated using FQX’s Telegram program.

eNotes are blockchain-based debt instruments that are recognized worldwide and can be used for a wide variety of financing purposes. By providing a legal layer for decentralized finance, FQX eNotesTM increases legal certainty and optimizes the loan-to-value ratio in the massively overcollateralized DeFi space. Through Wallet Connect’s Solana gateway to Fireblocks, Fireblocks customers will be able to sign and issue transferable debt securities in seconds using FQX’s eNote dApp.

Richard Astle, Head of Switzerland and Middle East at Fireblocks, commented:

“Digitalization has been transforming traditional asset classes for over twenty years, with tokenization being the next phase of evolution. Prolonged manual processes, limited liquidity in the secondary market and mainly bilateral settlements offer a number of areas in debt markets that can be enhanced by blockchain and smart contracts.Through tokenization, investors can participate in smaller transaction sizes than traditional debt issuance, making it much more accessible to the We are proud to support new innovations such as FQX’s eNotes with Fireblocks technology so that more traditional assets can benefit from the transparency, security and speed of blockchain.

This transaction marks the beginning of eNotes on Solana. it will help Babel Finance expand its sources of funding. For traditional financial institutions that intend to invest in crypto-assets, this innovative fixed-income crypto-financial product is an investment channel with returns and risks.

Yulong Liu, partner at Babel Finance, added:

“We are very excited about the launch of this innovative product and very optimistic about the market outlook for crypto and bond products using FQX eNotes. Babel Finance will continue to leverage our strengths in product innovation and work with our partners to expand this market.

Benedikt Schuppli, co-CEO of FQX, said:

“With eNotes on Solana, accessible through Fireblocks, we are dramatically reducing the economic distance between borrowers and lenders across borders and radically facilitating global financing.”

Fireblocks is an enterprise-grade platform providing a secure infrastructure to move, store, and issue digital assets. Fireblocks enables exchanges, lending bureaus, custodians, banks, trading desks, and hedge funds to securely scale digital asset transactions through the Fireblocks network and MPC-based wallet infrastructure. Fireblocks serves over 800 financial institutions, has secured the transfer of over $2 trillion in digital assets, and has a unique insurance policy that covers assets in storage and in transit.

Babel Finance is one of the world’s leading providers of crypto financial services, offering institutional investors and HNWIs professional services covering crypto lending and crypto trading. The company is backed by leading investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital and NGC Ventures. Babel Finance has established close cooperative relationships with major global stock exchanges, custodians, investment funds and mining institutions.

FQX is a born global startup headquartered in Zurich, Switzerland. FQX builds the infrastructure ready for Web 3.0. FQX employs over 20 people in Europe and Asia. FQX caught the eye in 2021 by winning the Swiss Fintech Awards and the Fintech Germany Awards in their respective categories. FQX is backed by notable tech investors including SIX Fintech Ventures and Earlybird VC.

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