Zheshang Bank will generate strong revenues from blockchain technology

One of the most important financial institutions in China, the Zheshang Bank, announced that it will have about 66 million dollars in profits thanks to the successful issuance of securities made by its own blockchain platform.

This was indicated by several public documents, which assures that the bank would have applied for a prospect at the Shanghai Clearing House on August 13.

The bank finalized this August 17 the issuance of these bonds, thus becoming the first financial institution in China to complete this type of transactions using blockchain technology.

Lanrong, the name given to this system, was created by the bank in order to allow companies to transfer assets to potential investors so that they can carry on their transactions.

Zheshang Bank would not be the only financial institution focusing on blockchain technology to specifically offer securities backed by company assets.

K. Tovar

Source: Coindesk

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