Swiss Blockchain Firm Obligate Issues Regulated Bonds Using Smart Contracts

Obligate is a Zurich-based digital securities infrastructure provider that enables companies and asset managers to issue regulated bonds, commercial paper, structured notes, and private-credit products on public blockchains.

The company's primary debt instrument is the eNote, a blockchain-native bond structured as a ledger-based security under Switzerland's distributed ledger technology framework. Unlike a simple digital representation of an offchain bond, an eNote's ownership and transfer record is maintained directly through the designated blockchain securities ledger.

Obligate automates fundraising, security issuance, coupon distribution, ownership records, transfers, and principal repayment using smart contracts. The company currently highlights Ethereum and Polygon as infrastructure for eNote issuance, while its wider product ecosystem has expanded across additional blockchain networks.