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ConsenSys Acquires FINRA Registered Broker Dealer for Tokenized Municipal Bonds Offerings

ConsenSys has purchased and will be integrating Heritage Financial Systems, a securities broker-dealer, into its offerings.

The goal with this partnership is for ConsenSys to offer blockchain-based municipal bonds offerings, ideally making them more accessible to all.

“Tokenized, digital municipal bonds can help restore the muni market to its original community-driven spirit by making the securities more accessible to everyday citizen investors and more cost-effective for communities of all sizes,” says Joseph Lubin, the founder of ConsenSys and a co-creator of the popular Ethereum blockchain network.

Municipal bonds are meant to be a safe investment for citizens to put money into their communities. However, the cost of entry is becoming much higher, according to a press release from the group. Lubin’s group hopes that a tokenized investment process will counter this.

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Also, it’s worth noting that Heritage Financial Systems is a FINRA registered broker-dealer, which will help the group along with this development quite a bit.

This news comes shortly after it was revealed that Consensys will be dropping nearly 14% of its workforce, according to Reuters. It had cut around 13% of its workforce back near the end of 2018 as well.

Interestingly, ConsenSys focuses on building applications on the Ethereum blockchain, of which Lubin helped build.

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