Major Spanish bank Banco Santander 

Major Spanish bank Banco Santander 

Gate Trade News Thursday, September 12, 2019 148 19

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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