El Salvador is seeking Binance’s help with issuing their Bitcoin bond, which was delayed this week due to “unfavorable market conditions.”
Binance is the world’s largest cryptocurrency exchange doing $16 billion in self-reported volume in the last 24 hours.
According to the Bloomberg Billionaires Index, CZ, who is the exchanges Founder and CEO, is the richest Cryptocurrency entrepreneur in the world with a net worth of nearly $100 billion.
El Salvador is currently seeking help from Binance with it’s adoption of Bitcoin, after it’s planned Bitcoin Bond was delayed due to “unfavorable market conditions.”
Last week, El Salvador Finance Minister Alejandro Zelaya – who previously said the bond sale could come between March 15 and March 20 – noted the war between Ukraine and Russia could slow the process. “We have the tools almost finished, but the international context will tell us.”
The bonds have an annual coupon of 6.5%. Half of the funds will be used to accumulate BTC for the country, the other half will be used for infrastructure and mining Bitcoin via geothermal energy from volcanoes.
The bonds are not issued by the government of El Salvador, rather by the state-owned energy company La Geo. The bonds are expected to trade on Bitfinex so will not be available to US individuals or US-based companies.
It is not clear what role CZ is going to play but El Salvador’s ambassador Milena Mayorga said that his visit was a “vote of confidence in the President’s decision to issue bitcoin-backed bonds.”
CZ praised El Salvador for being the first country to issue a cryptocurrency-backed security and said that President Bukele’s would be remembered for his “heroic” decision.
El Salvador has not yet given a specific time for the issuance of the bond but said it could take until the Fall.