JPMorgan Manages First-of-Its-Kind Muni Bond Deal Via Blockchain

JPMorgan Chase & Co.is using blockchain technology to bring municipal bonds to investors, a move that charts new territory in the securities market.

The city of Quincy, Massachusetts, about 10 miles south of Boston, recently sold $10 million of municipal bonds using the bank’s distributed ledger technology, or DLT. Proceeds for the seven-year, tax-exempt bonds will support various street and sidewalk improvements in the city, according to bond documents on MuniOS.

The pioneering feature of Quincy’s deal is that the issuance is done on the Digital Debt Service, an application provided by the bank on Onyx Digital Assets, a ...