Societe Generale Subsidiary Issues 100 Million Euro Bond on Ethereum Blockchain
Societe Generale SFH, French specialized credit institution, has issued a 100 million euro ($112 million) bond over the Ethereum (ETH) blockchain as a security token, as announced by the company on its website on April 23.
A subsidiary of one of Europe’s largest financial services groups, Societe Generale Group, Societe Generale SFH introduces its first pilot project that has been developed in collaborations with Societe Generale FORGE. The Societe Generale FORGE is an internal startup launched through the Group’s intrapreneurial program, the Internal Startup Call.
The said transaction was aimed at investigating a more efficient way for bond issuance, that will purportedly lead to better transparency, and faster transferability and settlement. The company states in the announcement that the product “proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries.”
Societe Generale launched a joint venture dubbed komgo SA last September and became one of the major financial organizations to do so. The venture will oversee a new blockchain-based platform for financing the trading of commodities, aimed at digitizing trade and commodities finance processes through a blockchain-based open platform. The network is developed in partnership with the Ethereum-focused blockchain infrastructure and solutions group ConsenSys.
Kleinwort Hambros a Private bank owned by Societe Generale launched an exchange-traded note made up of blockchain-related companies. Reportedly, the stocks include 20 companies that will profit from blockchain and distributed ledger technology adoption.
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