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Expobank issued the first targeted digital bonds on the Russian platform of digital assets Atomyze. The CFA is sold with an interest rate of 8% per annum and a maturity of 7 days.
According to the bank, its digital counterpart has advantages over classic bonds, such as “speed of issuance, fewer intermediaries and savings in fees and commissions, and no complicated documentation.
Expobank said there is an intention to tokenize other types of financial assets after the successful testing of the CFA issue.
“For us, this is a pilot issue of CFA.. Having tested the mechanics of the tool, we plan to expand its application to other types of assets in the future,” said Tanzila Yandieva, head of the bank’s legal department.
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In addition to Atomyze, Sberbank, Alfa Bank, Lighthouse and Masterchain have licenses to issue CFAs in Russia. In May, Nornickel Group issued
the first CFAs for participants of the corporate investment program. The service company Digital Assets was appointed as the issuer of Nornickel’s digital financial assets, and the group’s employees were the first to purchase the CFA.