Major Spanish bank Banco Santander 

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Gate Trade News Thursday, September 12, 2019 33

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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