The third-largest bank in France, as well as one of the leading banks in the whole world, Societe Generale, has issued its first structured product as a security token. The bank has chosen Tezos’ blockchain as the underlying network.
- Following the first covered bond security token issuance for 100 million euros on Ethereum’s blockchain back in April 2019, Societe Generale issued its first structured product as a security token registered on the Tezos public blockchain.
- According to a press release shared with CryptoPotato, the securities have been fully subscribed by Societe Generale Assurances.
- Per the release, the “transaction completes a new step in the development of Societe Generale Forge,” which is a regulated subsidiary of Societe Generale Group.
- The aims of the latter are to offer crypto asset structuring, issuing, exchange, and custody services to its professional clients by 2022.
- The issuance has been performed in accordance with the best market practices, and it showcases the regulatory, operational, and legal feasibility of issuing complex financial instruments on public blockchains.
It leverages on this disruptive technology which enables increased efficiency and fluidity of financial transactions: unprecedented capacity of product structuration, shortened time-to-market, automated corporate actions, increased transparency and speed in transactions and settlements, as well ass reduced cost and number of intermediaries. – Further reads the release.