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Blockchain Enters Opaque Ground With First Structured Note

  • London-based Marex creates first note using crypto technology
  • Industry’s sales fell 2% from last year on regulatory shift
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Blockchain, the technology promising to usher in simplicity and transparency to finance, is entering one of the industry’s most obscure corners.

London-based Marex Solutions created what it says is the first structured product to be registered, cleared and settled using the distributed ledger technology underpinning Bitcoin. The two-month pound-denominated notes pay a coupon of up to 13 percent per year based on the performance of the FTSE 100 Index, according to a term sheet. Marex declined to say how much was sold to retail investors in the private placement on Friday.