Corporate bond trading platform LedgerEdge has gone into administration just a year after its live launch.
David Baxendale and Edward Macnamara of PwC have been appointed as joint administrators of the company with the intention of exploring any further interest in the business and its assets.
LedgerEedge was founded by former R3 founder David Rutter to apply a combination of blockchain technology, artificial intelligence, and secure enclave computing to improve liquidity and price discovery in the secondary market for corporate bonds.
While the firm established widespread buy side support it struggled to win over clients on the sell side.
In a statement made to media outlet The Desk, Rutter attributed its closure to the “extremely challenging funding environment”.
LedgerEdge was licenced as a multilateral trading facility in the UK and approved by the SEC and Finra as a broker dealer and alternative trading system in the US.