German Siemens issues digital bonds ── use polygons | coindesk JAPAN | Coindesk Japan

German tech giant Siemens announced on February 14 that it has issued its first digital bond using the Polygon blockchain.

The digital bonds have a one-year maturity and an issue amount of €60 million (about $64 million, about ¥8.6 billion). Yields were not announced.

According to the company, blockchain-based digital corporate bonds “eliminate the need for global paper-based securities and central clearings.In addition, they can be sold directly to investors without the need for banks to act as intermediaries.” mentioned in the release.

The digital bond sale is not Siemens’ first attempt at using blockchain technology. In December 2021, the company partnered with JP Morgan Chase to develop a payment system using blockchain. The system is used for automatic transfers between accounts within the company.

In Germany, the Electronic Securities Act came into force in June 2021, allowing the sale of digital corporate bonds using blockchain.

“By moving from paper to a public blockchain, we can execute transactions significantly faster and more efficiently than when we issued corporate bonds in the past,” said Siemens Treasurer Peter Rathgeb. said.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Siemens Issues Blockchain Based Euro-Denominated Bond on Polygon Blockchain