A notable trading firm in Singapore, SGX has released its first digitized bond using blockchain technology.
The firm set up its cryptocurrency distribution to carry out a $294 million, 5½ years public bond allocation for a prominent indigenous agricultural and food business firm, Olam.
The new digitized bond is focused on Asian bond trade and was allowed by collaboration with blockchain associates such as HSBC.
DAML, a smart contract language, was used for the design of the digitized bond. This allows the platform to obtain commitments and rights of those involved in the allocation and digital assets servicing.
The firm also stated that their recent launch of the platform using blockchain showed great efficiency such as getting rid of agreement risks and decreasing agreement time to 2 days from 5 days.
Source: Cointelegraph
