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French multinational investment bank issues security tokens based on Ethereum blockchain

Priya

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French multinational investment bank issues security tokens based on Ethereum blockchain
Source: Unsplash

Societe Generale SFH, a subsidiary of Société Générale [SocGen], a French multinational investment bank and financial services company, issued security tokens worth €100 million, based on the Ethereum blockchain, its official website reported. According to a statement released on April 23, these security tokens were issued by the bank on April 18.

Notably, this is not the first time the multinational bank has ventured into the blockchain space. The Societe Generale Group has been a part of the space for a few years now, with their involvement in projects such as we.trade and komgo SA.

The official announcement read, {Translated from French}

“[…] issued EUR 100 million of covered bonds in the form of “security tokens” (home financing bonds or “OFH”) directly registered on the Ethereum blockchain. Tokens OFH were rated Aaa / AAA by Moody’s and Fitch and were fully subscribed by Société Générale.”

The blog further stated this issuance was part of Société Générale’s “pilot project” and was one of the firms that were part of its Internal Startup Call firms. The startup in question was noted to be Société Générale FORGE, which focuses on providing various blockchain-based solutions.



The blog read,

“This transaction makes it possible to explore a more efficient bond issue circuit. The benefits are numerous: […] increased transparency, faster securities transfer and settlement. It also makes it possible to offer a new standard for issue and trading in the secondary market and to reduce the costs and the number of intermediaries.”

Further, this entire issuance was carried out by the bank with the participation of its financial, legal, compliance, and operations team. Société Générale SFH’s legal procedures would be managed by Gide Loyrette Nouel, and one of the big fours, PwC, will also be playing a crucial role in the firm.

“Innovation is at the heart of Société Générale’s DNA. It is a priority axis of its “Transform to Grow” strategic plan. The Group’s digital transformation is accelerating by using new technologies to innovate and better serve its customers.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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