In recent years, European institutions have increasingly embraced the potential of blockchain technology, with many banks and financial organizations developing and adopting blockchain-based solutions. Here is an overview of some of the initiatives undertaken by European financia...
In recent years, European institutions have increasingly embraced the potential of blockchain technology, with many banks and financial organizations developing and adopting blockchain-based solutions. Here is an overview of some of the initiatives undertaken by European financial institutions that demonstrate the maturing blockchain space.
Societe Generale
Societe Generale, France’s third-largest bank, launched the Ethereum contract for a euro-pegged stablecoin, EUR CoinVertible (EURCV), in April. The bank’s blockchain-focused subsidiary, Societe Generale-Forge, announced that the stablecoin would be made available exclusively to vetted institutional investors, following strict KYC and AML checks. However, this move illustrates Societe Generale’s commitment to staying compliant with regulatory standards.
European Investment Bank
The European Investment Bank (EIB), the European Union’s primary lender, issued its first sterling-denominated digital bond on Ethereum earlier this year, following previous sales of euro-denominated digital bonds in 2021. The EIB’s adoption of blockchain technology demonstrates significant affirmation from the European Union.
Siemens
German engineering giant Siemens issued a $65 million one-year bond on Polygon in February, in accordance with Germany’s Electronic Securities Act. Several major investors, including DekaBank, DZ Bank, and Union Investment, participated in the digital bond offering.
ABN AMRO
UBS
BNP Paribas
Banco Santander
Conclusion
European institutions have demonstrated their commitment to adopting blockchain technology by implementing it in various use cases. As these institutions continue to explore the potential of blockchain, it is expected that more innovative solutions will emerge, further revolutionizing the financial industry.