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French Banking Giant Société Générale Issues The First Structured Product On The Tezos Blockchain

The French banking giant Société Générale who are the 3rd largest bank in France and 7th in Europe have issued the first structured product on the Tezos Blockchain.

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Société Générale

Société Générale are the 3rd biggest bank in France by assets and the 7th biggest in Europe. They have over 146,000 employees and turnover over €23 billion. They have previously been involved with Tezos on two other occasions.

They had worked with Tezos to test the implementation of a potential CDBC for Banque De France experiments.

They had also been involved in the EURL Lurg stablecoin being developed by a consortium including retail giant Casino Group, where the bank would be storing the stablecoin.

Société Générale & Tezos Tokenization

It was announced today in a press release by Société Générale that they would be issuing the first structured product on the blockchain, the blockchain of choice would be Tezos.

It was stated in the press release that:

This operation follows in the footsteps of a first covered bond Security Token issuance worth EUR 100m  on the Ethereum blockchain, settled in euros in April 2019, and of a second covered bond Security Token issuance worth EUR 40m this time settled in Central Bank Digital Currency (CBDC) issued by Banque de France, in May 2020.

A unique aspect of the Société Générale – Forge innovative operating model is that it enables security tokens to be directly integrated to conventional banking systems interfaced with SWIFT format.’

From Ethereum Experimentation To Tezos

This latest development comes after Société Générale had previously issued a:

…a first covered bond Security Token issuance worth EUR 100m  on the Ethereum blockchain, settled in euros in April 2019, and of …a second covered bond Security Token issuance worth EUR 40m this time settled in Central Bank Digital Currency (CBDC) issued by Banque de France, in May 2020.

The latest development where Société Générale are using the Tezos blockchain ‘demonstrates the legal, regulatory and operational feasibility of issuing more complex financial instruments (structured products) on public blockchain.

It leverages on this disruptive technology which enables increased efficiency and fluidity of financial transactions:  unprecedented capacity of product structuration, shortened time-to-market, automated corporate actions, increased transparency and speed in transactions and settlements, as well as reduced cost and number of intermediaries.’

It is thought that this transaction completes a new step in the development of Société Générale – Forge, a regulated subsidiary of Societe Generale Group, aiming at offering by 2022 crypto assets structuring, issuing, exchange and custody services to the Group’s professional clients.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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