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After a series of pilot transactions, FQX, a Swiss-based fintech focused on electronic negotiable instruments, has launched its electronic promissory note, or eNote, solution into the global market, bringing a 2,000-year-old debt instrument into the digital age.
First used during the Han Dynasty in 118 BC, promissory notes are negotiable instruments that enable companies and individuals to obtain finance based on an unconditional promise to pay. Much like other paper-based trade processes, promissory notes are cumbersome and time-consuming to operate. FQX’s solution solves for this by moving them onto the blockchain in the form of an eNote, allowing them to be settled instantly.