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News

Societe Generale Digital Green Bond Worth €10M Issued On Ethereum

December 4, 2023 - Around 2 mins mins to read
Key Points:
  • The third-largest French bank issued a pioneering 10 million euro Societe Generale digital green bond on Ethereum.
  • AXA Investment Managers and Generali Investments subscribed to the security tokens
Paris-based Societe Generale, France’s third-largest listed bank, has marked a significant milestone by issuing its inaugural digital green bond on the public Ethereum blockchain. 

Societe Generale Digital Green Bond Worth €10M Issued On Ethereum

Third-largest French Bank Pioneers Societe Generale Digital Green Bond on Ethereum

According to Reuters, with a total value of 10 million euros ($10.87 million), the Societe Generale digital green bond has a maturity period of three years, showcasing the bank’s commitment to advancing its expertise in cryptocurrency services. AXA Investment Managers and Generali Investments, major players in the financial industry, fully subscribed to the associated security tokens through a private placement.
This move follows Societe Generale’s April 2023 introduction of the EURCV stablecoin, designed to bridge the gap between traditional capital markets and the digital asset ecosystem. Despite this initiative, skepticism has arisen from Stasis, the firm behind the euro-pegged stablecoin EURS, citing potential risks and a perceived “single point of failure” issue linked to stablecoins issued by commercial banks.
The blockchain-backed digital green bond aligns with Societe Generale’s commitment to sustainable finance. The funds raised from such green bonds are intended for projects and activities contributing to environmental benefits, such as renewable energy and low-carbon transportation.

Major Subscribers Back Societe Generale’s €10 Million Initiative

AXA Investment Managers and Generali Investments participated in the private placement, demonstrating a growing interest in blockchain-based tokenized securities, which represent ownership of traditional financial assets like bonds. The bank executed the Societe Generale digital green bond issuance through its crypto unit, Forge, showcasing the bank’s dedication to embracing the potential of blockchain technology.
This groundbreaking move comes in the wake of the European Investment Bank’s recent launch of its second euro-denominated digital bond on a private blockchain. Societe Generale collaborated with the European Investment Bank on this initiative, alongside Goldman Sachs Bank Europe and Santander, reinforcing the bank’s active role in shaping the future of digital finance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

AXA Investment Managers

blockchain

Digital Green Bond

Ethereum

Societe Generale

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Societe Generale Digital Green Bond Worth €10M Issued On Ethereum

Key Points:
  • The third-largest French bank issued a pioneering 10 million euro Societe Generale digital green bond on Ethereum.
  • AXA Investment Managers and Generali Investments subscribed to the security tokens
Paris-based Societe Generale, France’s third-largest listed bank, has marked a significant milestone by issuing its inaugural digital green bond on the public Ethereum blockchain. 

Societe Generale Digital Green Bond Worth €10M Issued On Ethereum

Third-largest French Bank Pioneers Societe Generale Digital Green Bond on Ethereum

According to Reuters, with a total value of 10 million euros ($10.87 million), the Societe Generale digital green bond has a maturity period of three years, showcasing the bank’s commitment to advancing its expertise in cryptocurrency services. AXA Investment Managers and Generali Investments, major players in the financial industry, fully subscribed to the associated security tokens through a private placement.
This move follows Societe Generale’s April 2023 introduction of the EURCV stablecoin, designed to bridge the gap between traditional capital markets and the digital asset ecosystem. Despite this initiative, skepticism has arisen from Stasis, the firm behind the euro-pegged stablecoin EURS, citing potential risks and a perceived “single point of failure” issue linked to stablecoins issued by commercial banks.
The blockchain-backed digital green bond aligns with Societe Generale’s commitment to sustainable finance. The funds raised from such green bonds are intended for projects and activities contributing to environmental benefits, such as renewable energy and low-carbon transportation.

Major Subscribers Back Societe Generale’s €10 Million Initiative

AXA Investment Managers and Generali Investments participated in the private placement, demonstrating a growing interest in blockchain-based tokenized securities, which represent ownership of traditional financial assets like bonds. The bank executed the Societe Generale digital green bond issuance through its crypto unit, Forge, showcasing the bank’s dedication to embracing the potential of blockchain technology.
This groundbreaking move comes in the wake of the European Investment Bank’s recent launch of its second euro-denominated digital bond on a private blockchain. Societe Generale collaborated with the European Investment Bank on this initiative, alongside Goldman Sachs Bank Europe and Santander, reinforcing the bank’s active role in shaping the future of digital finance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.