INVAO issues first bond on Ethereum blockchain
IVO token secures investor rights on a blockchain through smart contracts
INVAO has issued what it says is the world’s first full-fledged bond on the Ethereum blockchain.
The company has completed the Token Generation Event (TGE) for the IVO – Blockchain Diversified Bond (ISIN: LI0471823018), meaning all investor rights included in the securities prospectus accepted by the Financial Market Authority Liechtenstein are now available in the form of an ERC-20 token. That makes the IVO Bond the first bond that lives exclusively on the Ethereum blockchain, with all bond shares being available only in the form of blockchain-based tokens, the company said.
The Token Generation Event took place on 27th September 2019 and all units of the IVO Token (IVO) were created on the Ethereum blockchain. INVAO achieved this milestone shortly after the company raised about half of its STO target volume of 20 million US-dollar.
“Our IVO – Blockchain Diversified Bond does not only grant ownership rights of a traditional Bond. IVO lives on the Ethereum blockchain and is only available in form of a digital token. On the contrary to other blockchain-based bonds, we are the first issuer that does not provide any paper-based bond certificates. Being fully digitised, IVO sets a new standard for blockchain-based financial products,” Said Frank Wagner, CEO at INVAO Group.
The IVO token was programmed on behalf of INVAO Group by Validity Labs in the city of Zug (Switzerland) and audited by MonteLabs in Savosa (Switzerland). The Berlin-based digital asset banking firm Finoa will store the tokens securely on behalf of INVAO and its investors. The company offers a fully digital custody solution for blockchain assets, compliant with all relevant PSD2 and EBICS regulations.
Ahmed Jacob, CTO and managing partner at INVAO in Dubai, commented on INVAO’s impact in the MENA region: “Our mission in Dubai is to contribute to the Emirates Blockchain Strategy 2021. As we believe the tokenisation of financial products has enormous potential in the region, we decided to provide the code of the IVO token as well as its smart contracts to the public as open-source software so that other projects may use it as well.”
The token structure and its mechanics are permanently accessible at GitHub. Other developers can use the software through a GNU-license for their projects.