Prominent French Bank Issues Bond Worth 100 Million Euros on Blockchain A leading French bank Societe Generale has issued the first covered bond vehicle worth 100 million euros as a security token on the Ethereum blockchain, recently. The home financing bonds ” or “OFH” tokens have been rated AAA by Moody’s and Fitch and have been fully subscribed by Societe Generale. According to a press release issued by the bank this is the first pilot project developed by Societe Generale and Societe Generale FORGE, one of the 60 internal startups launched through the Internal Startup Call , the Group’s intrapreneurial program. This startup is a business solution that uses blockchain technology to develop new digital capital market activities.

A statement from the release reads, “This live transaction explores a more efficient process for bond issues. Numerous areas of added value are predicted, from which, product scalability and reduced time to market, and computer code automation structuring, hence better transparency, faster transferability and settlement. It proposes a new standard for derivatives and secondary market bond trading and reduces cost and the number of intermediaries.”

The operation was a combined effort of  teams from Finance, Legal, Compliance and Operations departments of the bank. Interestingly, this is not the bank’s first rush with blockchain. For the past several years, the bank had been involved with blockchain project such as, the first blockchain-based trade finance platform now available to all its corporate customers in France , or the launch of komgo SA to digitalise the trade and commodities sector finance through a blockchain based open platform.

France has seen several use cases of blockchain in the recent past. Last year, Air France-KLM was exploring the use of blockchain technology in travel space to improve its customer experience, cut cost for flyers and also increase in profits for suppliers by cutting out middlemen from the process. The airline had also signed a partnership agreement with Winding Tree, a blockchain specialist in the travel industry to help the airlines with development and test of the blockchain-based system.

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The post Prominent French Bank Issues Bond Worth 100 Million Euros on Blockchain appeared first on Crypto-News India.

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