Ethereum

April

Read

French multinational financial conglomerate Societe Generale has issued its first digital green bond on a blockchain network.
According to a Reuters <a href="https://www.reuters.com/business/finance/socgen-issues-10-mln-euro-digital-green-bond-public-blockchain-2023-12-04/" target="_blank" rel="noopener noreferrer nofollow">report</a>, the Paris-headquartered banking group has nearly $11 million worth of senior preferred unsecured bonds with maturity of three years on the Ethereum (<a href="https://crypto.news/tag/ethereum/" target="_blank" data-type="link" data-id="https://crypto.news/tag/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) blockchain. The bank added that AXA Investment Managers and Generali Investments “fully subscribed the related security tokens through private placement.”
AXA Investment particularly acquired and spent €5 million worth of Societe Generale’s euro-denominated ERC-20 stablecoin called EUR CoinVertible (EURCV). The bank plans to spend the proceeds on projects aimed at environmental benefits, including renewable energy and low-carbon transportation.
You might also like: <a href="https://crypto.news/societe-generales-crypto-division-secures-license-in-france/" rel="noopener noreferrer nofollow"> Societe Generale’s crypto division secures license in France </a>
Societe Generale announced its EURCV stablecoin in April 2023, hoping to bridge the gap between traditional capital markets and the digital asset ecosystem. However, the announcement has been met with <a href="https://crypto.news/societe-generales-crypto-division-launches-euro-stablecoin-amidst-criticism-from-stasis-ceo/" target="_blank" rel="noopener noreferrer nofollow">skepticism</a> from Stasis, a firm behind euro-pegged stablecoin EURS, which highlighted potential risks and the “single point of failure” problem associated with commercial bank-issued stablecoins.
Stasis was not the only company that questioned Société Générale’s crypto venture, as other analysts <a href="https://crypto.news/new-euro-stablecoin-receives-backlash-from-crypto-community/" target="_blank" rel="noopener noreferrer nofollow">also pointed out</a> that the functionality of EURCV’s smart contract relies on a centralized registrar (probably one controlled by the bank).
Read more: <a href="https://crypto.news/french-bank-societe-generale-issues-122-million-covered-bond-ethereum-network/" rel="noopener noreferrer nofollow"> French bank Societe Generale issues $122m covered bond on Ethereum network </a>

Societe Generale issues €10m in digital green bond on Ethereum

crypto.news

Other articles published on Dec 4, 2023

Recession 2024 Fears: Bitcoin vs Gold Set For An Epic Battle This Time

AfreecaTV Valorant League 2023: Sentinels and Paper Rex Set for Epic Showdown

Bitcoin breaches $42,000, Ether tops $2,200, market sentiment bullish

BC.GAME Honored with the “Best Casino Operator 2023” Award from SiGMA

When Will Altcoins Move After Bitcoin’s Giant Rally? Analyst Explained

Join the Tectum Writing Contest and Giveaway to Win From The $1,200 in ETH Prize Pool

Join our free newsletter for daily crypto updates!