LedgerEdge Limited - Administration

LedgerEdge Limited, a corporate bond trading platform, entered administration on 1 August. LedgerEdge was co-founded by David Rutter, founder of enterprise blockchain technology company R3, and designed to improve liquidity and price discovery in the secondary market for corporate bonds. While the company established widespread buy-side support, it reportedly struggled with sell-side firms, a delayed regulatory approval process and a significant change in management at the end of last year. David Rutter said the “extremely challenging funding environment was not conducive to extending the runway for the business”. David Baxendale and Edward Macnamara of PwC were appointed Joint Administrators, and are marketing the business and its assets.