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Tough-to-Disrupt Municipal Market Attracts Blockchain Developer

  • ConsenSys buys Heritage Financial Systems; Terms undisclosed
  • Firm seeks to ease issuance of tokenized bond offerings
Bitfarms Blockchain Farm As Bitcoin Stages July Recovery
Photographer: James MacDonald/Bloomberg

The municipal-bond market, with roots dating back to an 1800’s New York City canal project, has a reputation for being stuck in a different century.

The $400-billion-a-year market, used by some 50,000 U.S. issuers, is known for small-sized deals that sometimes don’t trade again for years after they’re sold. Financial filings are often late and outdated. And hiccups with technology and human error can sometimes cause officials to forget to make bond payments on time.