Citi has been selected by BondEvalue Pte Ltd to act as a custodian for the underlying bonds traded on BondbloX, its digital exchange for fractionalized assets. Under the agreement, Citi will provide asset safekeeping and servicing solutions. BondEvalue, a Singaporean fintech company founded in 2016, launched the world’s first fractional bond exchange in 2020 after graduating from the Monetary Authority of Singapore’s Sandbox Express program as a Recognized Market Operator. In 2019 Northern Trust and BondEvalue formed a strategic partnership and, in .2020, completed the first trade of a fractionalised blockchain-based bond, with Northern Trust as the asset servicing provider.
