BlockEx digital asset platform has announced its partnership with the international law firm Winston & Strawn LLP in order to build standardized template for around 90% of legal documentation required for bond issuance.

The announcement stated that smart contracts will dramatically reduce the time and cost for bond issuances. Also, BlockEx is leveraging its present software to bring improved automation to the entire lifecycle of a bond in order to promote reduce costs.

“We have been closely watching developments in blockchain technology and have been looking at opportunities to create efficiencies for existing structures by incorporating blockchain technology. We are delighted to be working with BlockEx on their exciting new project,” Angus Duncan, a finance partner at Winston & Strawn in London, said.

The BlockEx Digital Asset Platform (DAxP) is among the few large scale production – ready blockchain products that is expected to launch at the end of May 2017 with a full exchange. It will come with white label brokerage and debt origination tools that allows for full lifecycle management of blockchain-based financial assets.

“The BlockEx Platform will democratize bond issuances enabling small to medium sized enterprises (SMEs) to tap into bond markets at lower costs. A bond issuance will normally cost between $200K to $400K once banking and legal fees are accounted for,” James Godfrey, MD for Capital Markets at BlockEx said.