Credit Agricole CIB and SEB, two major European banks, have partnered to develop “sobond,” a blockchain-based platform for digital bonds, focused on enhancing efficiency and promoting sustainability in traditional finance.

Credit Agricole CIB, a leading French investment bank, and SEB, a prominent Swedish bank, have partnered to create a blockchain-based platform for digital bonds. This initiative aims to enhance efficiency and facilitate real-time data synchronization in the traditional finance sector.

The platform, dubbed “sobond,” will enable companies to raise capital through the issuance of digital bonds on a blockchain network.

By leveraging smart contracts, users can manage securities and raise funds more effectively. While other projects are also exploring the application of blockchain technology in traditional markets, the timeline for sobond’s launch remains unclear.

To ensure the platform remains sustainable and open, Credit Agricole CIB and SEB have adopted a unique validation protocol called Proof of Climate awaReness (PoCR).

The protocol incentivizes users to reduce their environmental footprint by offering rewards based on their climate impact. The lower the footprint, the greater the reward.

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Author: Bralon Hill

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