Société Générale, one of the largest investment bank in Europe has reportedly issued a security token on the Tezos blockchain.
Going by an announcement on 15th April 2021, the new development is the first tokenized asset offered by the investment bank.
Societe Generale tweeted, “The Group issues the first structured product as a Security Token on the Tezos public blockchain. This transaction is a new step for Societe Generale – Forge, regulated subsidiary of crypto assets services for our clients.”
[#Innovation] The Group issues the first structured product as a Security Token on the @tezos public #blockchain. This transaction is a new step for Societe Generale – Forge, regulated subsidiary of #cryptoassets services for our clients.https://t.co/tYhZsXubn0#TheFutureIsYou pic.twitter.com/zD7eGiiY2W
— Societe Generale Group (@SocieteGenerale) April 15, 2021
According to the bank, the offering of the security token represents the first step in its plan to go fully into the crypto business in 2022.
The investment bank plans to issue tokenized securities that can be incorporated with the legacy banking systems. The report added that the bank also plans to get involved in cryptocurrency exchange and custody services for institutional customers.
Société Générale noted:
“This new experimentation, performed in accordance with best market practices, demonstrates the legal, regulatory and operational feasibility of issuing more complex financial instruments (structured products) on public blockchain.”
This recent and first security token issuance is the third year in a row when Société Générale will come out with notable development in relation to cryptocurrency.
Tezos Is Testing a New Consensus Algorithm Known as Tenderbake
Tezos has confirmed that it’s testing a new form of consensus algorithm known as Tenderbake. The new algorithm was first publicized last January in a blog post as a blockchain synchronizer and single-shot consensus algorithm.
Tezos developers are currently testing Tenderbake to identify potential errors and optimize its performance.