The investment bank Société Générale has reported the issuance of its first tokenized security asset on the Tezos network, as indicated through a press release published on its official Twitter account.
The intention is to integrate into traditional banking systems. In addition, tokenization will allow exchange and custody services for institutional clients, and as the financial giant assured, “this new experimentation, carried out in accordance with the best market practices, demonstrates the legal viability, regulatory and operational of the issuance of more complex financial instruments (structured products) in public blockchain.”
In the statement, the group details that the digital product is “structured as a security token on the public blockchain of @tezos. This transaction is a new step for Société Générale – Forge, a regulated subsidiary of cryptoactive services for our clients .”
This represents a very important step for Société Générale due to the participatory role that the entity has in terms of cryptocurrencies, this being the one chosen by the Central Bank of France to promote a pilot study on the central bank’s experimental digital currency.
In this sense, it is expected that this disruptive technology will allow generating greater efficiency and fluidity in financial transactions. That is, “unprecedented capacity for structuring products, shorter time to market, automated corporate actions, greater transparency and speed in transactions and settlements, as well as cost reduction and the number of intermediaries”.