the The major French Bank Société Générale has issued its first tokenized mortgage. The securities have a value of 100 million euros.
By Patrick Pehl
24. April 2019BTC$5.464,00 -1.69%part Facebook Twitter LinkedIn xing mail
The Société Générale has on 18. April brought their first Security Token Offering (STO) to the market. It is a so-called Covered Bond, i.e. a bond. The business with pfandbriefe is in France an important part of the business. About 13 percent of the world’s total circulating volume of such securities is made in France. Thus, the second-largest country in the European Union – after Germany – the second place in circulation, as measured by the total global volume of trading such securities.
Now, Société Générale has made the leap into the New and through a newly established subsidiary company, dieSociété Générale SFH, a STO on the market. The value of the securities amounts to a total of 100 million euros. In classic banks style, two credit rating agencies have tested the product: Moody’s and Fitch. Both awarded with the Aaa or with AAA of your best reviews.
The Société Générale has, however, already worked in the past with the Blockchain. At the beginning of the year, however, the trade with raw materials.
dawn, thanks to Ethereum
The flexible Ethereum Blockchain is the technology of choice. The Bank sniffs, apparently, in the morning air. The project has managed in an in-house Start-up Call. Thus, the Bank would like to try out disruptive technologies and solutions for the development of new digital products for the capital market.
The French want to make your processes more efficient, the Time-to-Market and thus faster in the capital market can operate. Besides, the money house wants to increase the scalability of their investment products, as they can access real – time processes without a Central instance. “Using the Blockchain technology costs and the number of intermediaries will be reduced,” the Bank said in a press release.
In the drafting of the STO in numerous departments were responsible. In addition, the bankers have worked here with great external consultants. The Initiative is part of the strategy to Transform to Grow (transform and grow). “We want to create stronger synergies for the Bank to meet our customers’ needs. Among other things, we are working with other banks in the consortium We.Trade together,” said a spokesman for the Bank by telephone to BTC-ECHO.
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