First Ethereum-Based End-To-End Bond Issued By Santander

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

Santander, the Spanish baking giant has recently made history for being the first-ever bank to use blockchain to manage a bond issue.

According to reports, the bank issued a $20 million USD worth of bonds on the Ethereum blockchain and then was bought by one of Santander’s companies, Santander Corporate and Investing Banking (CIB).

While this is not the first time that this kind of transaction has happened like then French lender Societe Generale Group issued $112 million USD worth of bonds to itself, Santander is the first bank to have all aspects of the bond issue managed by blockchain.

John Whelan, Head of Digital Investment at Santander described the initiative as an evolutionary step as it was a result of increasing demand from clients to provide the best technological advancements for improving their capital raising efforts.

It seems that Santander is one of the few banking giants in Europe who is fully embracing cryptocurrencies as well as blockhain technology as it expands its involvement in the nascent industry.

Brocque adds that the partnership was established to educate the general public on the advantages and opportunities made available through cryptocurrencies like bitcoin.