Societe Generale has issued the first structured product as a security token directly registered on the Tezos public blockchain.
Using the technology enables increased efficiency and fluidity of financial transactions, with unprecedented capacity of product structuration, shortened time-to-market, automated corporate actions, increased transparency and speed in transactions and settlements, as well as reduced cost and number of intermediaries, argues the French bank.
The experiment follows a covered bond security token issuance on Ethereum, settled in euros, in 2019, and a second such issuance settled in CBDC issued by Banque de France last year
The transactions are being carried out by SocGen unit Forge, which is working towards being able to offer clients crypto asset structuring, issuing, exchange and custody services by next year.