We know bonds. In fact, we’ve been at the intersection of the bond market and technology for over 20 years.



Alpha Ledger provides a direct, transparent loan and bond marketplace that streamlines debt financing and increases direct engagement with investors, with a focus on the US municipal market. Our platform offers a modern alternative to the traditional securities issuance and trading process, made possible by the digitization of assets combined with the security of blockchain technology.

We take a first principles approach to the design of our platform, leaving no assumption unquestioned.  The combination of process enhancements and blockchain technology enable us to create a new model for the primary issuance and secondary market trading of loans and bonds.


Alpha Ledger was founded in 2019 in Poulsbo, Washington, across the Puget Sound from Seattle. We’ve built a core team of fixed income and technology innovators, united in our commitment to build a better municipal bond market; one focused on direct, transparent, and accessible primary issuance and secondary market trading.

Core Values

Make a Positive Contribution

As we build our marketplace, we ask ourselves how we can contribute to a more positive outcome. Our mantra is positive contribution, not extraction.

Equal Access

We strive to develop a platform that enables equal access to investors at primary issuance and in the secondary market.

Impact Matters

Our platform supports the primary issuance of positive impact projects. State and local entities own and operate 90% of public, non-defense infrastructure in the United States. They are at the front lines of the transition to a more sustainable infrastructure and we strive to support those projects with a cost effective, transparent, open, and efficient platform.

Technical Rigor

Years of bond market experience, at significant scale, has ingrained in us high standards for technical rigor across all aspects of our work. Our business is serious and we approach our role in the capital creation process with the responsibility it deserves.


We are Bond People!

Tammie Arnold


30+ years of institutional asset management and capital markets experience, including 20 years at PIMCO, nine as a Managing Director. Partner at Generation Investment Management for four years.

Manish Dutta


22+ years of technology development and implementation experience in the institutional asset management sector; 19 years with PIMCO.

Don Suskind


20+ years in finance and capital markets, including 15 years at PIMCO, primarily as creator and head of PIMCO’s global ETF practice.

Chris Wade


25+ years of software development and implementation experience in institutional asset management and defense department sectors; owned a 50+ person software development firm.


Steve Heaney

43+ years of experience in the municipal securities market.  Steve was most recently with Stifel as a former Co-Head of Municipal Securities Group, a top 10 underwriter of municipal bonds with a super-regional platform of banking, trading, underwriting and sales. He was also a former MSRB board member and Vice Chair.

Dr. Ashby Monk

20+ years in institutional investing, currently Executive Director and Research Director of Stanford University’s Global Projects Center. Dr. Monk is a close advisor to large asset-owner investors, pension, and sovereign fund clients in Australia, Canada, Europe and Asia; he is also the Co-Founder and Chairman of Long Game Saving.

Justine Leigh-Bell

10+ years as a leader in climate finance. Currently Executive Director of AFII, formerly Deputy CEO of the Climate Bond Initiative. Justine has spent much of her career helping business leaders and governments find solutions to the global challenges of climate change and sustainable development.

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