Major Spanish bank Banco Santander has issued what it claims is the first end-to-end blockchain bond.
In a Sept. 12 news release, the bank revealedthat it had issued a $20 million bond directly onto the Ethereum (ETH) blockchain, where it will remain until the end of its one-year maturity.
Faster, cheaper and simpler than legacy systems
Santander has claimed that its use of blockchain technology for end-to-end bond issuance represents a first step towards a potential secondary market for mainstream security tokens.
As the news release outlines, Santander issued the $20 million bond — which carries a quarterly coupon of 1,98 — while one of the Santander Group’s units purchased the bond at market price.
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