Band of Traders - Together We Trade “Democratizing Debt” - Quincy Issues First U.S. Blockchain Bond - Ft. Eric Mason and Rick Coscia
Quincy, Massachusetts has issued a blockchain-based municipal bond, the first of its kind in the United States with the goal of democratizing Quincy's investment opportunities and ultimately allowing individuals to invest in their own community. Eric Mason (Quincy CFO) and Rick Coscia (Quincy Strategic Asset Manager) join Kyle to explain why they decided to push forward with this deal, and what they hope to accomplish by embracing Digital Ledger Technology. They also explain the safety and efficiency of listing a bond via blockchain, the advantages of being an early adopter, and the potential for creating a secondary market for trading blockchain-based bonds. To address concerns about cybersecurity and the risks associated with the new technology, Eric and Rick describe the long vetting process and how the city’s financial health was always their top priority. The conversation explores the potential impact of blockchain technology on municipal bond sales and the role of government in embracing new technologies as they explain the benefits of using blockchain for bond sales, such as increased efficiency, cost savings, and improved transparency. They also highlight the importance of regulatory compliance and the need for government to lead the way in adopting innovative solutions. The conversation concludes with a discussion on the post-bond sale analysis and the potential for future adoption of blockchain technology in the municipal bond market.
If you have any questions about this sale for Eric or Rick to answer, please send them to bandoftraderspodcast@gmail.com, or DM us on twitter or Discord!
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About Eric:
Eric is a practicing labor economist, who currently works as a chief financial officer for the city of Quincy, Ma. His area of research focuses primarily on small business and macroeconomics trends. Eric has a special interest in historical economics, cliometrics and steers clear of ideological hardlines, preferring to use empirical analysis in his appearances.
theinformaleconomist.com - Eric Mason's Website
Previous Episodes with Eric Mason
About Rick:
Rick Coscia is a Strategic Asset Manager at City of Quincy Massachusetts based in Quincy, Massachusetts. Previously, Rick was a Private Client Banker at JPMorgan Chase and also held positions at Eaton Vance, Sun Life, Fidelity, MFS, New England Funds, LP, Distributor.
Watch for Rick’s upcoming appearance on the Bond Buyer Podcast
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