Italy's CDP, Intesa Sanpaolo Issue €25m Digital Bond on Polygon

IconCryptoNewsTerminal Staff18 Jul, 2024

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Italy's CDP, Intesa Sanpaolo Issue €25m Digital Bond on Polygon

Italy’s state-owned development bank CDP and the country’s largest banking group, Intesa Sanpaolo, have issued a €25 million ($27.6 million) digital bond on the Polygon (MATIC) blockchain. The four-month bond is part of the European Central Bank’s (ECB) test project for wholesale settlement of central bank money via blockchain. This is the first time that a digital bond has been issued on a public blockchain in Europe. The bond was issued using a new platform developed by CDP and Intesa Sanpaolo, which is based on the Polygon blockchain. The ECB’s test project is designed to explore the potential of using blockchain technology to improve the efficiency and security of wholesale payments. The project involves a number of central banks and financial institutions from across Europe. The issuance of the digital bond by CDP and Intesa Sanpaolo is a significant milestone in the development of blockchain technology for financial services. It demonstrates the potential of blockchain to improve the efficiency, security, and transparency of financial transactions.

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