Societe Generale issues € 100 million bonds on the Ethereum public blockchain
On Tuesday company announced that her Division of Societe Generale SFH took advantage of token OFH for issue of secured bonds per 100 million Euro. According to the investor service of the Moody’s rating agency, Societe Generale turned out to be “the sole investor»Financial instrument and third-party participants to him did not attract the purchase.
Moody’s claims that blockchain use can have a positive effect on the rating of a financial institution, in particular, due to increased transparency and a decrease in the likelihood of errors “resulting from of the complexity and number of intermediaries involved in the process of issuing secured bonds at assistance to traditional funds“.
Audit company PwC acted as a technology consultant for the project, and French law firm Gide Loyrette Nouel provided legal support.
“This real transaction demonstrates opportunities increase the efficiency of production bonds. Expected that it will have a positive impact on many aspects, including product scalability, time for the release of the tool to the market, automatic structuring of computer code, raising transparency, acceleration of sending transactions and settlements “, – stated in a banking organization.