Evelyn Wilder

Special Districts Insurance Services (SDIS) of Oregon Joins Alphaledger

Special Districts Insurance Services (SDIS) of Oregon has joined Alphaledger’s network, creating a new source of liquidity for Oregon’s special purpose districts. SDIS, which provides insurance coverage to members of the Special Districts Association of Oregon (SDOA), will now offer financing options through Alphaledger’s technology-driven solution. 

The collaboration has already demonstrated success with the recent placement of a Tax and Revenue Anticipation Note for the Gaston Fire District, where SDIS served as the purchaser. This transaction showcases how special districts can efficiently access capital for operational and infrastructure needs through the platform. 

By joining Alphaledger’s network, SDIS strengthens its mission of supporting local districts while leveraging real-time transaction capabilities and transparency to deliver reliable funding solutions across Oregon communities. 

About Alphaledger

Alphaledger is a leading provider of blockchain infrastructure for fixed income assets, focused on origination and the development of autonomous settlement. The company’s platform is designed to streamline the entire lifecycle of financial assets, from origination to settlement, by leveraging the power of blockchain technology. Notably, Alphaledger pioneered the recording of municipal loans and securities on its platform. The company is committed to driving innovation and efficiency in the financial services industry.

Securities transactions will be conducted through Alphaledger Markets, Inc., a broker-dealer, registered with SEC,FINRA, the MSRB, and SIPC, and  wholly owned by Alpha Ledger Technologies (“Alphaledger”). SIPC. Check the background of ALM on FINRA’s BrokerCheck.

Alphaledger is a technology company focused on providing technology to its subsidiaries and prospective clients. It does not lend itself to the solicitation of securities activities, as it can only be done by prospectus and via a registered broker dealer such as Alphaledger Markets.

Port of Morrow Secures $277 Million in Financing for Wastewater Treatment Expansion Through Alphaledger, Underwritten by Celadon Financial Group

Boardman, OR—The Port of Morrow (the “Port”), through its advisor SDAO Advisory Services (SDAOAS), has secured $277 million in short-term financing to fund the expansion of its industrial wastewater treatment facilities. The financing was underwritten by Northland Securities, Inc. and Celadon Financial Group and facilitated by Alphaledger’s innovative blockchain platform, which provided a streamlined and secure solution for this significant transaction.

This crucial funding will enable the Port to enhance its wastewater treatment infrastructure, bringing it into compliance with state environmental regulations. The project includes increasing wastewater storage capacity, adding new anaerobic digesters for primary treatment, and upgrading secondary systems to reduce nitrogen levels. This expansion is key to ensuring that the Port continues to meet the region’s growing industrial wastewater needs.

“The Port of Morrow is dedicated to promoting economic development in Morrow County, and this financing is a critical step in ensuring that we have the infrastructure to support that mission,” said a representative from the Port.

The Port is awaiting additional long-term funding through the federal Water Infrastructure Finance and Innovation Act (WIFIA), which is expected to cover a significant portion of the total $432 million project cost. In the meantime, this short-term financing ensures that the project can move forward, allowing the Port to maintain momentum on development efforts.

David Ulbricht of SDAO Advisory Services praised the role of technology in securing the financing: “Alphaledger’s blockchain platform was instrumental in connecting the Port with a broad network of liquidity providers, and Celadon Financial Group’s underwriting ensured the deal was structured effectively to meet the Port’s immediate needs. This collaboration highlights the power of innovative financial solutions in advancing public infrastructure projects.”

“With over 30 years in public finance, it’s evident that the municipal market can significantly benefit from purpose-built technology,” said Tom Weyl of Celadon. “The Alphaledger platform enhances access to funding while providing a critical tool for underwriters and advisors to ensure transparent, auditable records. I’m proud to have worked with the Port, SDAOAS, and Alphaledger on this project, helping advance this technology.”

Manish Dutta, CEO of Alphaledger, expressed his enthusiasm about the transaction. “This financing demonstrates how our platform can deliver value by providing an efficient, secure pathway to capital. We are pleased to support the Port of Morrow and SDAOAS on this project.”

“The Alphaledger platform facilitates seamless connections between issuers, their advisors, and market participants, providing a secure and efficient way to structure deals and finalize pricing,” said Jim Tinker, VP of Product Development at Alphaledger and a former municipal banker. “Giving issuers access to a wide network of liquidity providers ensures critical infrastructure projects, such as the Port of Morrow, get funded.”

As construction moves forward, the Port is working closely with its industrial and agricultural partners to responsibly manage wastewater discharge. The expanded facilities will support the region’s growing industrial base while safeguarding the natural environment.

The successful partnership between the Port, SDAOAS, Alphaledger, and Celadon Financial Group marks a significant milestone in utilizing blockchain technology to advance public infrastructure, securing both immediate and long-term benefits for Morrow County’s economy.

About Port of Morrow

The Port of Morrow is Oregon’s second-largest port and a vital economic hub for the region, supporting industries ranging from food processing and energy production to transportation and logistics. Its mission is to promote economic development and job creation in Morrow County while prioritizing sustainable practices and responsible resource management.

About SDAO Advisory Services

SDAO Advisory Services is a public advisory organization that provides expert financial and operational guidance to special districts and municipal entities across Oregon, helping them navigate complex financial transactions and infrastructure projects.

About Celadon Financial Group

Celadon Financial Group is a full-service investment bank and broker-dealer specializing in underwriting, structuring, and advising on capital market transactions. With a focus on innovative financial solutions, Celadon supports clients across public, private, and non-profit sectors.

About Alphaledger

Alphaledger is a leading provider of blockchain infrastructure for fixed income assets, focused on origination and the development of autonomous settlement. The company’s platform is designed to streamline the entire lifecycle of financial assets, from origination to settlement, by leveraging the power of blockchain technology. Notably, Alphaledger pioneered the recording of municipal loans and securities on its platform. The company is committed to driving innovation and efficiency in the financial services industry.

Alphaledger is a technology company focused on providing technology to its subsidiaries and prospective clients. It does not lend itself to the solicitation of securities activities, as it can only be done by prospectus and via a registered broker dealer such as Alphaledger Markets, Inc., “ALM”. ALM is wholly owned by Alphaledger and is registered with SEC, FINRA, the MSRB and SIPC. Check the background of ALM on FINRA’s BrokerCheck.

Whitepaper: Atomic Transactions – A New Era for Financial Market Efficiency, Beginning with On-Chain Origination

Introduction

In a world of ever-expanding complexity, the need for efficiency, security, and transparency is increasingly pressing. One of the most important areas in need of innovation is the infrastructure that underpins our financial systems. Blockchain technology has the potential to offer transformative advancements for the financial system in general, and the fixed income market specifically. However, for the benefits of blockchain technology to be fully realized in the fixed income market, it is essential that we begin the transition at the point of origination – not in the middle when the trade economics and records are already set.

Origination is the foundation of any financial instrument, and in the case of fixed income securities, it sets the stage for the entire lifecycle of the asset. By originating debt directly on blockchain, we establish a base to conduct all subsequent transactions within a secure, immutable, and transparent environment. This shift is crucial for facilitating the seamless transfer of value, reducing reconciliation friction, and enhancing the overall security of financial data.

At the heart of this process lies the concept of atomic transactions. An atomic transaction is a type of transaction that is indivisible and irreversible. In the context of blockchain, it means that a transaction either happens in its entirety or not at all, with no intermediate states. This ensures that all parties involved in a transaction can trust that once a transaction is executed, it is final and cannot be altered. This level of security and certainty is paramount in the financial markets, where the cost of errors can be substantial.

An atomic transaction is indivisible and irreversible.

In contrast, a non-atomic transaction is prone to fragmentation, heightening the risk of incomplete execution. Fragmentation arises due to multiple handoffs during the transaction process. In the traditional financial system and on permissioned blockchains, this means that transactions can occur in segments, creating intermediate states. These intermediate states, representing partial completion, introduce potential errors and failures, leading to inefficiencies such as the need for “batching” to achieve netting and reconciliation. This fragmentation significantly increases the risks associated with transaction execution.

Today’s fixed income infrastructure is a non-atomic batching system where trades are accumulated at set intervals, typically daily, and during these intervals various risks accumulate. The most significant of these is counterparty risk or the risk of failed trades. To address counterparty/fail risk, two mitigation processes are used – a central counterparty (CCP) and multilateral netting.

The current batch-based system for trade settlement was developed fifty years ago and reflects the technological constraints at the time. Current settlement is dominated by the Depository Trust & Clearing Corporation (DTCC) – a single central choke point – designated as a Systemically Important Financial Market Utility (SIFMU) by federal financial regulators because its failure could threaten the stability of the US financial system.

With increasing regulatory requirements, the shortening of settlement cycles, and evolving market demands, we need to look ahead to anticipate market needs. Rather than piecemeal automation solutions, Alphaledger is harnessing the power of purpose-built technology to implement atomic transactions.

By originating debt on the blockchain through atomic transactions, we can create a robust foundation that supports the entire lifecycle of an asset, from issuance to trading, settlement, and beyond. This approach not only streamlines operations but also lays the groundwork for a more secure and efficient financial ecosystem.

Alphaledger has positioned itself at the forefront of this transformation by utilizing blockchain network infrastructure for the origination and settlement of primary originations in fixed income markets. This infrastructure is designed to support the most efficient transfer of value possible, leveraging blockchain technology to streamline and secure transactions.

This paper compares the efficiency of blockchain atomic transactions with the non-atomic / batched functions of DTCC, highlighting the strengths and weaknesses of each approach.

Blockchain Atomic Transactions: The New Standard in Efficiency

The concept of “state” is crucial in understanding the difference between atomic and non-atomic transactions. Atomic transactions ensure that the state remains consistent by either completing all steps or none at all, thus preserving data integrity. In contrast, non-atomic transactions can result in multiple state changes, which may lead to inconsistencies if not carefully managed. This distinction is vital for maintaining the reliability and accuracy of operations in distributed systems and blockchain networks.

The future of fixed income is atomic!

Varied states in a non-atomic transaction can introduce risks, due to the potential for inconsistency or failures when transitioning states. The various forms of risk include settlement, counterparty, inefficient use of capital, legal and compliance, and reconciliation, which can lead to financial losses, regulatory issues, and operational challenges. Understanding and managing these risks is critical for ensuring the reliability and integrity of financial transactions.

Permissioned Networks and Data Resiliency

Permissioned blockchain network infrastructure – a “walled garden” – offers a highly trusted environment. In this type of network, multiple copies of reconciled data are provided to all approved participants, ensuring data consistency and reducing potential errors. The key advantage of this system is that it allows only the parties involved in a transaction to access the same network, thereby eliminating the need for time-consuming reconciliations that plague traditional systems.

However, due to the inherent limitations of a permissioned network, it is not possible to execute a single atomic transaction that spans multiple payment networks simultaneously. This constraint necessitates separate transactions for each payment network, potentially impacting overall transaction efficiency and synchronization. Additional critical drawbacks include:

  1. Adoption – Market participants must adopt each other’s infrastructure, much like creating a trusted network.
  2. Fragmentation – No standard for infrastructure development and deployment.
  3. Inconsistency – No standard for atomic transactions.
  4. Expensive – High cost of maintenance and deployment.

For these reasons, only a network built on a public blockchain is capable of delivering the full benefits of atomic transactions.

Public Blockchain: Resiliency in Record Keeping and Cybersecurity

Public blockchains, by design, offer unparalleled resiliency in record keeping. The distributed nature of these networks ensures that multiple identical copies of every transaction and record are stored across numerous nodes globally. This decentralization makes the blockchain inherently resistant to data loss, tampering, or single points of failure, creating a robust and reliable system for maintaining financial records.

In a world where the integrity and availability of financial data are crucial, public blockchains provide a level of redundancy that is difficult to match with traditional centralized systems. This resiliency is particularly valuable in the context of disaster recovery, where the ability to quickly restore access to accurate and up-to-date records can make the difference between continuity and disruption.

Cybersecurity Strengths

Public blockchains are fortified by advanced cryptographic techniques that ensure the security of transactions and data. Each transaction on the blockchain is secured through encryption and linked to the previous one, forming an immutable chain of records. This immutability makes it virtually impossible for malicious actors to alter past records without detection, providing a high level of cybersecurity that surpasses traditional financial systems.

Moreover, the decentralized nature of public blockchains means there is no central point of attack, making them less vulnerable to hacks or breaches. In contrast, centralized systems like those operated by the DTCC remain susceptible to targeted cyberattacks, which could compromise the security of vast amounts of sensitive financial data.

Misunderstanding of Privacy Concerns

One common misconception about public blockchains is the perceived lack of privacy. While it is true that transactions on a public blockchain are transparent and can be viewed by anyone, this does not equate to a lack of privacy for the participants.

Transparency does not equate to lack of privacy.

Public blockchains use pseudonymous addresses instead of real-world identities, meaning that while the transaction details are visible, the identities of the parties involved are not readily apparent.

Furthermore, advanced privacy-enhancing technologies, such as zero-knowledge proofs and confidential transactions, are being developed and implemented on public blockchains to further enhance user privacy. These technologies allow transactions to be verified without revealing sensitive information, ensuring that privacy concerns are addressed while maintaining the transparency and security that make blockchain technology so powerful.

Foundation for High-Performance Delivery Versus Payment (DVP)

The Alphaledger blockchain platform is purpose-built for the origination and high-performance settlement of regulated fixed income assets, and is designed for speed, reliability, and maximum efficiency. By leveraging a public blockchain with built-in liquidity through multiple stablecoins, Alphaledger seeks to ensure secure and efficient transaction processing. A key differentiator is Alphaledger’s focus on the Delivery Versus Payment (DVP) process, which enables simultaneous gross settlement of securities and funds transfer. This eliminates the need for netting or end-of-day reconciliation, significantly reducing settlement time and risk. The ability to settle at the time of trade execution offers near-instantaneous finality, ensuring the most efficient transfer of value.

The Inefficiencies of Batched (Non-Atomic) Delivery Versus Payment (DVP)

The DTCC plays a central role in the U.S. securities industry, providing clearing, settlement, and information services for a wide range of securities. This centralized approach has inherent inefficiencies, which are directly related to the batching structure of trade settlement. To mitigate counterparty / fail risk associated with batching, two processes are utilized – central counterparty (i.e. street name) and multilateral netting.

Cede & Co., acting as the legal owner of securities on behalf of the DTCC’s subsidiary, the Depository Trust Company (DTC), holds securities in its name for the benefit of the actual owners. This intermediary role, while established as an industry standard, is not without its drawbacks. The centralized custody and clearing function results in monopoly conditions, creates a systemically risky single point of failure, and creates substantial limitations on innovation.

Limitations of DTCC’s Blockchain Adoption

While the DTCC has taken steps to optimize its operations by acquiring a blockchain firm, this effort falls short of the full potential of blockchain technology. The DTCC’s approach focuses on optimizing existing clearing and settlement functions rather than fully embracing distributed trade execution and settlement. Consequently, the benefits of blockchain—such as reduced settlement times, lower costs, and enhanced security—are not fully realized within the DTCC’s current framework.

Non-atomic settlement processes also introduce several inefficiencies that can impact broker-dealer activities. Delayed settlement periods, operational complexity, higher costs, settlement risks, inefficient use of capital, regulatory compliance challenges, and limited flexibility all contribute to a less efficient trading environment. These inefficiencies underscore the potential benefits of adopting atomic settlement processes enabled by blockchain technology, which can provide faster, more secure, and cost-effective solutions for broker-dealers.

Comparative Analysis: Atomic vs Batched Settlement

Efficiency of Realtime Blockchain Atomic Transactions

  • Speed: Blockchain atomic transactions enable near-instantaneous settlement, drastically reducing the T+X (1-10 days) timeframe during origination to T+0 or T-Now™. This eliminates cash drag at the point of origination, where settlement processing is the longest.
  • Security: With all participants accessing a single, immutable ledger, the potential for errors is minimized, and the risk of fraud is significantly lower.
  • Cost: By removing intermediaries and reducing the need for reconciliation, atomic blockchain transactions lower the overall cost of trade settlement.

Inefficiency of Non-Atomic Batched Settlement

  • Delay: The T+X settlement process introduces unnecessary delays, creating settlement risks and increasing the cost of capital for market participants.
  • Concentration: The centralized nature of the DTCC, coupled with its reliance on intermediaries like Cede & Co., results in monopoly conditions and creates a systemically risky single point of failure.
  • Limited Innovation: While the DTCC has made some strides in adopting blockchain technology, its efforts are constrained by its traditional operating model, preventing the full realization of blockchain’s benefits.

Conclusion

Alphaledger’s blockchain-based atomic transaction model offers a compelling alternative to the traditional DTCC settlement process. By leveraging blockchain, Alphaledger seeks to provide a faster, more secure, and cost-effective solution for trade origination and settlement. In contrast, the DTCC’s centralized, non-atomic approach remains burdened by inefficiencies and unnecessary risks. As the financial markets continue to evolve, the shift towards blockchain and atomic transactions will take root, offering significant benefits to all market participants and the overall US financial system.

Podcast: Moody’s Talks – Focus on Finance

Muni loans and bonds at the cutting edge of financial technology.

We talk to Alphaledger co-founder and CEO Manish Dutta about his firm’s quest to rebuild the fixed income market’s financial infrastructure, using blockchain.

Speakers: Manish Dutta, co-founder and CEO, Alphaledger; Gregory Sobel, AVP-Analyst, Moody’s Ratings
Host: Danielle Reed, VP – Senior Research Writer, Moody’s Ratings

Listen on Moody’s

 

Alphaledger Secures Series A Funding Led by EJF Ventures with Participation from KDX, Also Announces Commercial Agreement with Tradeweb

Alphaledger, a leading provider of blockchain infrastructure for fixed income assets, focused on the origination and development of autonomous clearing, announced the first closing of its Series A funding round led by EJF Ventures, the investment arm of EJF Capital, with participation from KDX and strategic investors.

The funding will accelerate product development, expand footprint and support the continued adoption of Alphaledger’s innovative blockchain platform focused on asset origination and the development of autonomous clearing.

Alphaledger also announced a new commercial agreement with Tradeweb Markets to jointly develop new products leveraging its blockchain technology, continuing its collective efforts to deliver cutting-edge technology that strengthens the market infrastructure.

Manish Dutta, CEO of Alphaledger, said, “We are thrilled to have the backing of such esteemed investors as EJF Capital and KDX, and to partner with Tradeweb as we continue to nurture the evolution of our markets. Their combined expertise in financial services, technology, and global markets will be invaluable as we scale our platform and unlock the full potential of blockchain technology for capital markets participants.”

Alphaledger’s platform is designed to streamline the asset origination and clearing process with a focus on increasing transparency, lowering costs, and reducing settlement time for financial institutions.

Jonathan Bresler, Managing Partner of EJF Ventures, commented, “Modernizing legacy financial infrastructure is essential as market participants grapple with the challenges of an increasingly real-time world. Alphaledger’s innovative approach from asset origination through the life of the bonds is designed to reduce cash drag and execution risk for the market participants (issuers, banks, underwriters, investment managers) and improve operational efficiency. We believe Alphaledger has applicability across many lines of financial services, and we are excited to support the exemplary team at Alphaledger.”

“Alphaledger’s platform will revolutionize the fixed income markets,” said Ashby Monk, who invested in Alphaledger through KDX and is the Executive Director of Stanford’s Initiative on Long-Term Investing. “As early investors, we’re thrilled to witness Alphaledger’s ongoing expansion and its potential to revolutionize market dynamics. Their commitment to asset origination on blockchain, within the confines of the US regulatory landscape, is inspiring broad-based market adoption. We’re proud to stand behind the exceptional team driving Alphaledger forward.”

Michael Piwowar, Strategic Advisor to Alphaledger and former Acting Chairman of the SEC, stated, “The integration of blockchain technology into the regulated securities market is most valuable if it improves the quality of the market within the safeguards of the regulated framework. That is what Alphaledger is doing.”

About Alphaledger

Alphaledger is a leading provider of blockchain infrastructure for fixed income assets, focused on origination and the development of autonomous clearing. The company’s platform is designed to streamline the entire lifecycle of financial assets, from origination to settlement, by leveraging the power of blockchain technology. Notably, Alphaledger pioneered the recording of municipal loans and securities on its platform. Alphaledger was founded in 2019 by former PIMCO executives Manish Dutta, Tammie Arnold, and Chris Wade (consultant to PIMCO). The company is committed to driving innovation and efficiency in the financial services industry.

About EJF Capital

EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of March 31, 2024, EJF manages approximately $5.9 billion* across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. To learn more, please visit http://ejfcap.com and please read additional Risks and Limitations located here.

*Firm AUM includes $3.0 billion in CDO assets through affiliates and $165.3 million of uncalled capital.

About KDX

KDX focuses on investing in promising startups with disruptive technologies that have the potential to transform the financial services industry.

About Tradeweb

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.5 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.

Alphaledger Disclosures

The information provided herein is not directed at any investor or category of investors and is provided solely as general information about our products and services and to otherwise provide general education. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Furthermore, no information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as none of Alphaledger nor any of its affiliates is undertaking to provide investment advice, act as an adviser, or give advice in a fiduciary capacity with respect to the materials presented herein. If you are an investor, contact your financial advisor or other fiduciary unrelated to Alphaledger about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.

Securities transactions will be conducted through Alphaledger Markets, Inc, “ALM” a broker dealer, registered with SEC, FINRA, the MSRB and SIPC, and wholly owned by Alphaledger Technologies, Inc. “Alphaledger”. Check the background of ALM on FINRA’s BrokerCheck.

Alphaledger is a technology company focused on providing technology to its subsidiaries and prospective clients. It does not lend itself to the solicitation of securities activities, as it can only be done by prospectus and via a registered broker dealer such as ALM.

Transfer agent services in the U.S. are provided by Alphaledger TA, LLC. Alphaledger TA, LLC is registered with the SEC as a Registered Transfer Agent.

Contacts

media@alphaledger.com

Read the press release on Business Wire

 

Alphaledger Achieves Industry Milestone

Alphaledger has recorded municipal bond originations on blockchain infrastructure in the United States, utilizing parallel recordkeeping. This milestone is the first step towards a fully on-chain life for municipal bonds, without needing the PDFs, faxes, and intermediaries required today. While Alphaledger is focused on origination, this first step sets in motion future smart contract capabilities, including on-chain clearing and custody…

Read the press release on Business Wire

 

Bloomberg: Startup Uses Blockchain for Muni-Bond Deals in an Industry First

A startup is modernizing the stodgy world of municipal bonds by using blockchain to originate deals. The company said it is a first in the $4 trillion market.

Alphaledger recently acted as the underwriter for three debt sales in New York, documenting the deals on its platform based on blockchain, the technology used for verifying and recording transactions that’s at the heart of Bitcoin. More municipal sales are in the works, company leadership said…

Read the article on Bloomberg

Podcast: FICC Focus

Muni Bonds Discover the Blockchain: Masters of the Muniverse

From the Bloomberg Intelligence series, hosts Eric Kazatsky and Amanda Albright discuss new developments at the intersection of the sleepy municipal bond market and blockchain technologies. This week we are joined by Tammie Arnold and Stephen Winterstein from Alpha Ledger.

Listen on Spotify

 

Bloomberg: PIMCO Veterans Look to Shake Up ‘Old School’ Muni Loan Market

After breaking new ground in exchange-traded funds for Pimco more than a decade ago, Manish Dutta and Tammie Arnold have set their sights on one of the more opaque corners of municipal finance.

Their company, Alpha Ledger Technologies, is seeking to modernize the market for direct lending to municipalities through a platform based on blockchain, the technology used for verifying and recording transactions that’s at the heart of Bitcoin…

Read the article on Bloomberg

 

Bond Buyer: Pacific Northwest Firm Wants Blockchain to Work for Small Muni Borrowers

A firm in the Pacific Northwest is trying to take blockchain-based municipal borrowing mainstream, and has announced its first loan in Oregon after launching with issuers in its home Washington state.

Small issuers in particular stand to benefit from, say the founders of Alpha Ledger Technologies, which just recorded a $1.345 million loan for the Port of Astoria, Oregon, its second such loan and first in Oregon…

Read the article on Bond Buyer