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When it comes to Blockchain as budding technology and cryptocurrencies as evolving currency system, then it comes forward as the most probable solutions to get rid of bottleneck situations and innovative operations in various business lines.
The Ripple has been the most popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage.
The renowned U.S.-based asset management company, Franklin Templeton Investments, is in the news to deploy the Stellar blockchain for a brand new government money market fund.
But for now, the renowned Spanish bank, ‘Banco Santander’ which is one of the world’s largest financial giant, has announced its bond operational business using Ethereum blockchain. They have successfully managed to redeem a bond worth a $20 million on the Ethereum blockchain.
The head of digital investment banking division at Banco Santander, Mr. John Whelan, took a twitter handle to clarify the news that the bank has carried out an early redemption of its Ethereum blockchain-enabled bond that was issued in September of this year.
The bank has performed an early repayment of the blockchain-based bond that was issued on September 10th, 2019, which purportedly shows that the public Ethereum blockchain can be applied to securities issuance across the full lifecycle of a security.
Jonn confirms, “This unequivocally proves that a debt security can be managed through its full lifecycle on a blockchain (public in this case).” The bank proclaims that it has been the world’s first bond to be administered absolutely on a blockchain technology platform.
However, in April, French based credit institution, ‘Societe Generale SFH’, which is a subsidiary of one of Europe's largest financial services groups, Societe Generale Group, has also issued a 100 million euro ($112 million) bond as a security token on the Ethereum (ETH) blockchain. But their redemption has not yet been confirmed through the DLT platform.
