Evelyn Wilder

Alphaledger Secures Series A Funding Led by EJF Ventures with Participation from KDX, Also Announces Commercial Agreement with Tradeweb

Alphaledger, a leading provider of blockchain infrastructure for fixed income assets, focused on the origination and development of autonomous clearing, announced the first closing of its Series A funding round led by EJF Ventures, the investment arm of EJF Capital, with participation from KDX and strategic investors.

The funding will accelerate product development, expand footprint and support the continued adoption of Alphaledger’s innovative blockchain platform focused on asset origination and the development of autonomous clearing.

Alphaledger also announced a new commercial agreement with Tradeweb Markets to jointly develop new products leveraging its blockchain technology, continuing its collective efforts to deliver cutting-edge technology that strengthens the market infrastructure.

Manish Dutta, CEO of Alphaledger, said, “We are thrilled to have the backing of such esteemed investors as EJF Capital and KDX, and to partner with Tradeweb as we continue to nurture the evolution of our markets. Their combined expertise in financial services, technology, and global markets will be invaluable as we scale our platform and unlock the full potential of blockchain technology for capital markets participants.”

Alphaledger’s platform is designed to streamline the asset origination and clearing process with a focus on increasing transparency, lowering costs, and reducing settlement time for financial institutions.

Jonathan Bresler, Managing Partner of EJF Ventures, commented, “Modernizing legacy financial infrastructure is essential as market participants grapple with the challenges of an increasingly real-time world. Alphaledger’s innovative approach from asset origination through the life of the bonds is designed to reduce cash drag and execution risk for the market participants (issuers, banks, underwriters, investment managers) and improve operational efficiency. We believe Alphaledger has applicability across many lines of financial services, and we are excited to support the exemplary team at Alphaledger.”

“Alphaledger’s platform will revolutionize the fixed income markets,” said Ashby Monk, who invested in Alphaledger through KDX and is the Executive Director of Stanford’s Initiative on Long-Term Investing. “As early investors, we’re thrilled to witness Alphaledger’s ongoing expansion and its potential to revolutionize market dynamics. Their commitment to asset origination on blockchain, within the confines of the US regulatory landscape, is inspiring broad-based market adoption. We’re proud to stand behind the exceptional team driving Alphaledger forward.”

Michael Piwowar, Strategic Advisor to Alphaledger and former Acting Chairman of the SEC, stated, “The integration of blockchain technology into the regulated securities market is most valuable if it improves the quality of the market within the safeguards of the regulated framework. That is what Alphaledger is doing.”

About Alphaledger

Alphaledger is a leading provider of blockchain infrastructure for fixed income assets, focused on origination and the development of autonomous clearing. The company’s platform is designed to streamline the entire lifecycle of financial assets, from origination to settlement, by leveraging the power of blockchain technology. Notably, Alphaledger pioneered the recording of municipal loans and securities on its platform. Alphaledger was founded in 2019 by former PIMCO executives Manish Dutta, Tammie Arnold, and Chris Wade (consultant to PIMCO). The company is committed to driving innovation and efficiency in the financial services industry.

About EJF Capital

EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of March 31, 2024, EJF manages approximately $5.9 billion* across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. To learn more, please visit http://ejfcap.com and please read additional Risks and Limitations located here.

*Firm AUM includes $3.0 billion in CDO assets through affiliates and $165.3 million of uncalled capital.

About KDX

KDX focuses on investing in promising startups with disruptive technologies that have the potential to transform the financial services industry.

About Tradeweb

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.5 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.

Alphaledger Disclosures

The information provided herein is not directed at any investor or category of investors and is provided solely as general information about our products and services and to otherwise provide general education. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Furthermore, no information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as none of Alphaledger nor any of its affiliates is undertaking to provide investment advice, act as an adviser, or give advice in a fiduciary capacity with respect to the materials presented herein. If you are an investor, contact your financial advisor or other fiduciary unrelated to Alphaledger about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.

Securities transactions will be conducted through Alphaledger Markets, Inc, “ALM” a broker dealer, registered with SEC, FINRA, the MSRB and SIPC, and wholly owned by Alphaledger Technologies, Inc. “Alphaledger”. Check the background of ALM on FINRA’s BrokerCheck.

Alphaledger is a technology company focused on providing technology to its subsidiaries and prospective clients. It does not lend itself to the solicitation of securities activities, as it can only be done by prospectus and via a registered broker dealer such as ALM.

Transfer agent services in the U.S. are provided by Alphaledger TA, LLC. Alphaledger TA, LLC is registered with the SEC as a Registered Transfer Agent.



Read the press release on Business Wire


Alphaledger Achieves Industry Milestone

Alphaledger has recorded municipal bond originations on blockchain infrastructure in the United States, utilizing parallel recordkeeping. This milestone is the first step towards a fully on-chain life for municipal bonds, without needing the PDFs, faxes, and intermediaries required today. While Alphaledger is focused on origination, this first step sets in motion future smart contract capabilities, including on-chain clearing and custody…

Read the press release on Business Wire


Bloomberg: Startup Uses Blockchain for Muni-Bond Deals in an Industry First

A startup is modernizing the stodgy world of municipal bonds by using blockchain to originate deals. The company said it is a first in the $4 trillion market.

Alphaledger recently acted as the underwriter for three debt sales in New York, documenting the deals on its platform based on blockchain, the technology used for verifying and recording transactions that’s at the heart of Bitcoin. More municipal sales are in the works, company leadership said…

Read the article on Bloomberg


Podcast: FICC Focus

Muni Bonds Discover the Blockchain: Masters of the Muniverse

From the Bloomberg Intelligence series, hosts Eric Kazatsky and Amanda Albright discuss new developments at the intersection of the sleepy municipal bond market and blockchain technologies. This week we are joined by Tammie Arnold and Stephen Winterstein from Alpha Ledger.

Listen on Spotify


Bloomberg: PIMCO Veterans Look to Shake Up ‘Old School’ Muni Loan Market

After breaking new ground in exchange-traded funds for Pimco more than a decade ago, Manish Dutta and Tammie Arnold have set their sights on one of the more opaque corners of municipal finance.

Their company, Alpha Ledger Technologies, is seeking to modernize the market for direct lending to municipalities through a platform based on blockchain, the technology used for verifying and recording transactions that’s at the heart of Bitcoin…

Read the article on Bloomberg


Bond Buyer: Pacific Northwest Firm Wants Blockchain to Work for Small Muni Borrowers

A firm in the Pacific Northwest is trying to take blockchain-based municipal borrowing mainstream, and has announced its first loan in Oregon after launching with issuers in its home Washington state.

Small issuers in particular stand to benefit from, say the founders of Alpha Ledger Technologies, which just recorded a $1.345 million loan for the Port of Astoria, Oregon, its second such loan and first in Oregon…

Read the article on Bond Buyer