Two European companies have launched what they describe as the world’s first genuine bitcoin (BTC) bond, they confirmed in a joint press release on July 3.

Luxembourg-based Argento, a securitization firm, joined forces with London Block Exchange (LBX) to issue the bitcoin-denominated bond, which is regulated under the United Kingdom’s regulator, the Financial Conduct Authority (FCA).

“We are thrilled to have structured and produced the world’s first institutional grade bitcoin-denominated financial product,” Argento manager Phil Millo commented.

“The large investment banks really dropped the ball on this one.”

The Argento-LBX bond represents a first in regulated cryptocurrency products, in that it contains no fiat exposure for investors. It is readily available via Bloomberg Terminal, and is the first crypto product to have its own ISIN code.

Various durations are available, Argento conspicuously naming them after crypto-specific phenomena such as ‘FOMO,’ ‘HODL’ and ‘MOON.’

HODLers, LBX says, form one of the bond’s major target markets.

“This is an excellent product for people who currently hold bitcoin and aren’t planning to sell over the next few years…,” CEO Benjamin Davies added.

“Now, for the first time, they have an institutional grade way of making their wallets grow without exposing their bitcoin to the swings of the traditional ‘fiat’ currency markets.”

Previously, the governments of several developing nations had told the International Monetary Fund (IMF) that they were keen on issuing bonds tied to bitcoin.