4G Capital, a Nairobi-based microfinance and training company, is to become the first such financial institution to issue a tokenised bond using cryptocurrencies.
The initial issuance aims to reach about $10m and a targeted coupon of 10 per cent to prove the concept, said Wayne Hennessy-Barrett, 4G’s founder and chief executive. It will be offered next month to the company’s existing institutional and qualified investors, who can pay in bitcoin or Ether.
It highlights the rapidly growing enthusiasm for cryptocurrencies and blockchain technology in Kenya, which has been in the vanguard of digital financial innovation since Safaricom, the country’s dominant mobile telecom company, launched the Mpesa mobile money platform in 2007.
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