Zurich, Switzerland, 19th May, 2022, Chainwire
Babel Finance, a leading global crypto financial services provider, announced today that it has successfully issued the first collateralised USDC note via eNotesTM, a smart contract-based global debt instrument, provided by blockchain start-up FQX AG on their Solana environment.
The transaction was executed using a Fireblocks custody wallet. The principal was provided by a Swiss investment firm and secured with smart contract-based collateral denominated in SOL. For the delivery-versus-payment as well as for the collateral management, FQX’s decentralised escrow programs were used. The transaction was initiated using FQX’s Telegram program.
eNotes are blockchain-based debt instruments that are recognized around the globe and can be used for a broad variety of financing purposes. By providing a legal layer for decentralised financing, FQX eNotesTM increases legal certainty and optimizes the loan-to-value ratio in the massively overcollateralized DeFi space. Via Wallet Connect’s Solana gateway to Fireblocks, Fireblocks customers will be able to sign and issue transferable debt instruments in seconds using FQX’s eNote dApp.
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