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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Societe Generale issues first digital green bond on Ethereum – CoinsMegaNews

Societe Generale issues first digital green bond on Ethereum

2 years ago CryptoExpert
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Societe Generale’s first digital green bond is a senior preferred unsecured bond on Ethereum.
The bond was issued as a Security Token and registered on November 30, with an inaugural value of 10 million euros.
The maturity is three years and net proceeds will go to eligible green projects and activities.

Societe Generale, the third-biggest bank in France, recently issued the first ever digital green bond on a public blockchain, according to details in a news release.

The French financial services giant said the issuance of the senior preferred unsecured bond was on the Ethereum blockchain, and carried an initial transaction of 10 million euros ($10.79 million).

The bond, which was issued as a Security Token and registered on November 30 by Societe Generale subsidiary Forge, has a maturity of three years and grants access to the transparency and traceability of its carbon footprint via a smart contract.

Net proceeds to finance green projects

According to the bank, net proceeds from the bond will go into financing or refinancing of eligible “green” projects or activities.

Investors also have a new option of settling securities on-chain, with this possible through the EUR CoinVertible (EURCV), a euro-pegged stablecoin Forge issued in April. It accords investors a complementary solution to traditional cash settlement.

Per Societe Generale, the benefits of the EUR CoinVertible’s on-chain solution is evident as countries continue to experiment with Central Bank Digital Currencies (CBDCs), the bank noted.

As major financial institutions and providers increasingly adopt blockchain technology, Paris-based Societe Generale has become one of the biggest to tap the innovation. It has issued euro bonds, including in partnership with the European Investment Bank (EIB), on the Ethereum blockchain.

The company has also issued security tokens on Tezos.

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