Both banks also assure plans to allow the platform to accommodate central bank digital currencies in the future.
Earlier, Crédit Agricole CIB and SEB announced the joint launch of so|bond, a new public blockchain-based platform. According to Announcement, the platform will focus on improving the efficiency of digital bond issuance, albeit with a slight twist of sustainability. That is, while the network is not fully committed to green bonds, it still aims to be environmentally friendly in its operations.
For this, the platform will reward participants who improve their environmental footprint. It will achieve what it calls “proof of climate awareness” using a verification protocol that is optimized in such a way that it rewards node operators with the Climate Awareness Coin token to reduce the carbon footprint of their node. rewards.
So|Bond was launched in association with IT services firm Finaxys. The platform will measure the environmental footprint proposed by the APL data center methodology that will be implemented by SGS. Interestingly, so|bond is the first blockchain to use the Proof of Climate Awareness protocol.
Romaric Rolet, Head of Innovation and Digital Transformation at Crédit Agricole CIB, expressed his excitement over the newly launched platform. He says this aligns with the firm’s social project goals, which is to ensure green and sustainable finance.
SEB and Crédit Agricole CIB join long list of banks to explore blockchain bonds
In the meantime, it may be worth noting that this partnership is just the latest in a long list of similar ones in recent times. This is because blockchain corporate bond issuance is slowly becoming a trend among top financial institutions.
Recently, Goldman Sachs and hsbc Launched bond issuance and digital asset platform. And by this, they join the likes of Societe Generale, Santander, and ABN AMRO that have ventured further into the space. Similarly, Swiss bank UBS also launched Which has been termed as the largest digital bond.
Hence SEB is giving a lot of importance to the launch. According to Anna Sjulander, SEB Head, SSA DCM, the bank is ready to take the opportunity to bring about faster, transparent and simplified transactions. He also said:
“This will allow us to gain insight into the innovative space digital assets hold for the financial services industry.”
Both banks also assure plans to allow the platform to accommodate central bank digital currencies in the future. According to him, this will eventually open them up to deal beyond bonds and expand into other asset classes.
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