According to a recent announcement, Spanish multinational banking and financial services company Santander has redeemed a bond which was initially issued in September and powered by blockchain. The announcement says this is definite proof that the entire process from start to finish, can be done on a blockchain.

Santander Head of Digital Investment Banking John Whelan took to Twitter to share the news. His tweet said:

“We just performed an early redemption of our blockchain-based bond that we issued on September 10th, 2019. This unequivocally proves that a debt security can be managed through its full lifecycle on a blockchain (public in this case).”

In subsequent tweets, Whelan posts transaction confirmations on Etherscan for both the issuer and the investor which was Santander in both cases.

On September 10, Santander used an Ethereum-based token as representation of a $20 million issuance which was also settled with tokens used to represent cash in custody. This is not the first time blockchain technology has been used in the issuance of bonds as in the past, the World Bank as well as French financial services company Societe Generale Group, have also made similar moves. What sets Santander’s process apart is that the entire thing was done using blockchain technology from issuance all the way to redemption.

Image Credits: Unsplash

The post Santander Successfully Redeems Earlier Issued Bond Powered By Blockchain appeared first on Latest Crypto News.



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