.Siemens has issued a 60 million-euro ($64 million) digital bond on the 0xPolygon blockchain. LedesmaLyllah reports
Siemens , Germany’s third-largest publicly traded company by market cap, issued its first digital bond as it looks to reduce paperwork and reach out to potential purchasers directly.
The 60 million-euro bond, issued on the Polygon blockchain, has a maturity of one year, according to aA blockchain bond “makes paper-based global certificates and central clearing unnecessary,” the company said in the statement. “What’s more, the bond can be sold directly to investors without needing a bank to function as an intermediary.”
The sale isn’t Siemens’ first experiment with blockchain technology. In December, 2021, JPMorgan Chase with the engineering and manufacturing giant to develop a blockchain-based system for payments. The system is used to automatically transfer money between the Munich-based company’s own accounts.
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