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Portfolio company Neighborly is working with the city of Berkeley, California on what could be the first ever municipal bond issuance to be conducted with an ICO. Applying blockchain could lower costs for municipal borrowers while also making it cheaper and easier for local residents to invest.
For investors, they can buy the Berkeley coin directly and with less risk of mark-ups from middle-men, he said. For municipalities, savings could come from needing less from lawyers and advisers and achieving standardized documents, he said. Since the securities would be issued and paid out in U.S. dollars, volatility in cryptocurrencies would have little impact on them, and network fees would be minimal as well, he said. "If we can deliver on our mission, this will be a very attractive alternative for other cities and states and counties," Crossman said.
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