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Société Générale’s crypto and blockchain experiments continue with the issuance of a tokenized security on the Tezos network.
Société Générale, a European financial behemoth, has released a security token on the Tezos blockchain.
According to a Thursday statement, the change marks Société Générale’s first tokenized asset offering.
According to the fund, the protection token sale was a major step towards launching full-spectrum cryptocurrency business operations by 2022.
Société Générale aims to sell tokenized securities that can be combined with legacy banking structures through its affiliate, Société Générale – Forge. In addition to asset tokenization, the bank’s crypto venture will provide trading and custody facilities for institutional customers. According to the bank:
“This new experimentation, performed in accordance with best market practices, demonstrates the legal, regulatory and operational feasibility of issuing more complex financial instruments (structured products) on public blockchain.”
The first security token issuance represents Société Générale’s third consecutive year of crypto and blockchain implementation innovations.
In 2019, the bank launched a 100-million-euro bond as a tokenized security on Ethereum through its advanced credit agency, Société Générale SFH.
SFH and SG Forge, in collaboration with the Banque de France, launched a tokenized 40-million-euro bond in May 2020, which was resolved using an experimental central bank digital currency.
Indeed, Société Générale is one of the financial institutions selected by France’s central bank to participate in the experimental central bank digital currency pilot study.
Société Générale was among a consortium of multinational banks recruited by the European Investment Bank earlier this month to use blockchain in automated bond issuance.
Although the European Union has yet to develop conclusive crypto and blockchain rules, Société Générale is one of several financial institutions in the area experimenting with the novel technology.