Societe Generale has released the first structured product on a blockchain, specifically on Tezos’ public blockchain. The product will represent €5 million in medium-term securities in Euro.
This is the third move of Societe Generale as in 2019 it had registered a tokenised bond of €100 million in Ethereum, without an initial issue, while it had undertaken the liquidation of another bond of €40 million for Banque de France.
With the issuance of the bond in Tezos, the bank shows that blockchain is the most efficient and cheapest solution for issuing bonds by large financial institutions. In the coming years, Societe Generale wants to achieve the link between blockchain systems and SWIFT, which will simplify and bring blockchain to new levels.