OpenOffering Talk to our team

The modern
way to issue Municipal Bonds.

Direct electronic access to competitive primary municipal issuance, for institutional, professional, and retail investors. Issuer to investor, direct.

Live auction Illustrative
Fairmont Springs Public Schools
Rating: AAA
General Obligation · Series 2026 A
Maturity
2051
Par amount
$45,000,000
Current
Clearing Yield
4.72%
Bids
132
1.6× oversubscribedCloses in 2 Hours

Direct access to the $4 trillion market.

Public finance is the lifeblood of American infrastructure. Municipal securities fund schools, bridges, airports, hospitals, transit, clean water, and much more.

$4T
Market size
55,000
Issuers nationwide
$580B
Expected 2026 Issuance

*Estimates based on public EMMA & LSEG data.

Team

Duncan Cock Foster
Duncan Cock Foster
Co-Founder & CEO

Duncan and Griffin Cock Foster previously co-founded Nifty Gateway, acquired by Gemini and valued at $1 billion (Forbes, 2021).

Griffin Cock Foster
Griffin Cock Foster
Co-Founder & Board Chair

Duncan and Griffin Cock Foster previously co-founded Nifty Gateway, acquired by Gemini and valued at $1 billion (Forbes, 2021).

Joseph Schiarizzi
Joseph Schiarizzi
Co-Founder & CTO

Repeat founder with multiple exits, engineer, former US Congressional candidate.

Eric Isban
Eric Isban
Co-Founder & Head of Capital Markets

More than 25 years in municipal finance, formerly Managing Director and Head of Municipal Finance at SMBC.

Company advisors

Lynnette Kelly
Lynnette Kelly
Consultant · former CEO of the MSRB

Spent 12 years running the MSRB, where she pioneered EMMA, which brought unparalleled transparency and fairness to the muni market.

John Bonow
John Bonow
Former CEO of PFM

30+ year municipal securities professional, 10 years leading the nation’s #1 municipal advisor firm.

Nikhil Patel
Nikhil Patel
Former Treasurer & Deputy CFO, City of Detroit

Former Treasurer of Detroit. Oversaw billions in bonds and investments and led the city’s return to the capital markets.

Eric Mason
Eric Mason
Former CFO of Quincy, Massachusetts

He was responsible for the world’s first municipal bond issued directly on the blockchain.

How an open offering works

Every offering runs the same open process. Issuers, buyers, and their advisors all see the same picture. Issuers sell directly to retail and institutional investors, at a fraction of traditional underwriting cost. The best bids win allocation.

One open auction for everyone

Bids come in from every kind of buyer, and the best bids are filled automatically. The same transparent, rules-based process for everyone. No calls, no favors.

$10M 3.55%$1.5M3.60%$1.0M3.65%$2.0M3.70%$1.5M3.75%$2.0M3.80%$2.5MClears here3.85%$1.2M3.90%$1.0M3.95%$0.5M
New demand Running total Above clearing: returned

Built ahead of the market

Built within the existing framework, and engineered past the status quo.

  • Tokenization ready
  • Direct to buyer, fewer intermediaries
  • AI order matching
  • Smaller denominations
  • Atomic settlement

OpenOffering connects issuers with investors.

Learn more and see what we’re building.