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22 October 2019

Why French Lender SocGen Issued a $110 Million Ethereum Bond to Itself

Why French Lender SocGen Issued a $110 Million Ethereum Bond to Itself


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But the French financial institution insists that it hasn’t forgotten about the€100 million(roughly $110 million) bond, which it sold to itself, and that it remains interested in trialing blockchain technology in the long term. .

While SocGen still owns the bond that it created, the lender will monitor whether ethereum’s smart contract can automate the typical functions of debt issuance.

“We are demonstrating that all the events of the bond are written in the smart contract and that all the events are managed by it,” Stenger said.

The 1,000 SocGen tokens sitting in the address, which are supposed to represent €100 million of bonds, can’t be subdivided or moved unless the bank adds more ether to the smart contract address, noted Stefan Loesch, partner at Lexbyte, a tokenization advisory firm

Stenger said that the bank doesn’t need gas to redeem the bond

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