Siemens issues euro-denominated bonds on the Polygon blockchain

German tech giant Siemens issues tokenized bonds on the Polygon blockchain with a one-year maturity. The initial volume of the issue amounted to more than €60 million.

According to Siemens, the blockchain will eliminate the need for paper certificates and centralized clearing at an intermediary bank.. The use of this technology is part of the company's efforts to reduce paperwork and provide investors with more direct access to its financial products.

DekaBank, DZ Bank and Union Investment invested in tokenized bonds. Hauck Aufhäuser Lampe Privatbank AG acted as the registrar of the transaction.

Recall that in June 2021, the Electronic Securities Law came into force in Germany, which allows the issuance and sale of debt on the blockchain.. The Central Bank of Germany, in cooperation with Deutsche Börse, has tested the technology for conducting settlements on transactions with tokenized securities.