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Home Crypto News

Siemens Make History on Blockchain

Admin by Admin
February 15, 2023
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Siemens make history on blockchain
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In a press release on February 14, Siemens announced it had become the first to issue a digital bond in Germany. In accordance with the country’s Electronic Securities Act, the bond will be issued with a maturity of a year on a public blockchain. 

With a set volume of 60 million Euros or $64 million approximately, the digital bond will be sold directly to the investors. This means that the company will not need any bank in the country to act as an intermediary.

Commenting on the same, the Corporate Treasurer at Siemens AG, Peter Rathgeb, stated.

“By moving away from paper and toward public blockchains for issuing securities, we can execute transactions significantly faster and more efficiently than when issuing bonds in the past. Thanks to our successful cooperation with our project partners, we have reached an important milestone in the development of digital securities in Germany.”

Rathgeb further added that the company would be focusing on driving the development of similar options. The company leveraged on the Electronic Securities Act that came into effect in June 2021. 

Siemens has enabled investors to buy the bonds without the need for any established central securities depositories. This will also result in the transaction being completed in the span of two days.

Siemens is a German multinational conglomerate corporation and the largest industrial manufacturing company in Europe. It is headquartered in Munich and has several foreign branch offices.

Related- Dominica Makes TRON National Blockchain

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Source: FxStreet
Tags: BlockchainSiemens
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