Previously, Societe Generale issued security tokens on the Ethereum (ETH) blockchain and on testing the central bank digital currency platform developed by the Bank of France.
Novel security token has been launched on Tezos (XTZ) by Societe Generale
Today, April 15, 2021, the Societe Generale banking mogul issued its first-ever blockchain-based structured product, a Security Token minted on the Tezos (XTZ) public blockchain.
In a press release shared with U.Today, Societe Generale representatives stated that all tokenized securities were fully subscribed by Societe Generale Assurances, a backbone entity of the Societe Generale group development strategy.
This release pioneers the concept of issuing sophisticated financial products (structured tokens) on top of permissionless programmatic blockchain platforms like Tezos (XTZ).
The bank team is fascinated by the features of smart contracts technology demonstrated by modern blockchains, i.e., unmatched efficiency and fluidity of financial transactions, automated corporate actions, increased transparency, speed in transactions and settlements, and low-to-no costs.
New level of integration between banking and cryptos: introducing Forge
This integration opens new opportunities for Societe Generale's blockchain disruption strategy. Namely, the bank shares its ambitions to unveil in 2022 a blockchain-focused regulated subsidiary of Societe Generale Group, the Forge platform.
Once released in mainnet with a full stack of functions, Forge will be able to issue, exchange and custody tokenized assets, including structured ones.
Moreover, according to Societe Generale's vision, Forge will be integrated with existing banking instruments, such as SWIFT cross-border transfer system.