Bank of China subsidiary issues tokenized notes on Ethereum

2023-6-13 00:16

A Chinese bank has issued tokenized notes on the Ethereum blockchain in collaboration with UBS Group, the latter firm said on June 12.

Aurelian Troendle, Global Head of MTN Trading at UBS AG, said:

“We are pleased to work with BOCI on this transaction to bring structured products onto a public blockchain network, supporting our APAC [Asia-Pacific] clients’ increasing interest in fully regulated digital asset products.”

BOC International Holdings Limited (BOCI), a wholly-owned subsidiary of the Bank of China, issued the note in question.

BOCI specifically issued fully digital structured notes — a type of bond or debt obligation — valued at 200 million offshore renminbi ($28 million) on the Ethereum blockchain. The financial product was originated by UBS and was placed to Asia Pacific clients, representing a joint effort between UBS and BOCI.

UBS said that it previously issued a $50 million tokenized fixed-rate note under English and Swiss law in December 2022 on a permissioned blockchain.

UBS said that these are the first products of their kind and represent “new steps in terms of applicable law and blockchain types.” The Ethereum note is the first instance of a Chinese bank issuing a tokenized security in Hong Kong, it said.

The post Bank of China subsidiary issues tokenized notes on Ethereum appeared first on CryptoSlate.

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