The French multinational investment bank and financial services company, Societe Generale, has offered to take advantage of the Makerdao decentralized financing protocol (challenge). The proposal titled “Security Token Refinancing” was posted on October 1 on the Makerdao forums and the submission aims to use the DAI stablecoin to refinance a covered bond concept.

Societe Generale proposes to take advantage of Makerdao and DAI Stablecoins to refinance the bond token

The digital currency division of the international bank Société Générale has submitted a proposal to the Makerdao governance forums (MIP6 application) and the bank wishes to refinance a bond token. The “covered bond token,” as it’s called, was issued on the Ethereum blockchain last year. The proposal is “on behalf of the European investment company Société Générale-Forge (SG-Forge)”, the MIP6 application Remarks.

“This refinancing operation experiment is part of the approach and innovative solutions developed by SG-Forge,” explains the bank’s digital currency division. “This experiment combines traditional capital market activities with the emerging and growing ecosystem of decentralized finance. The summary of Societe Generale’s proposal adds:

OFH Tokens: OFH Tokens are qualified as covered bonds under French law backed by real estate loans and benefiting from a statutory privilege, issued by Société Générale SFH (SG SFH) specialized credit institution having the status of Société de Housing funding issued by the Prudential Supervisory Authority (as described in more detail below) in the form of security tokens in the Ethereum public blockchain.

Makerdao’s Rune Christensen: the post-foundation organizational model turns out to be more scalable

Makerdao founder Rune Christensen explained on Friday how the French international bank proposed to use the protocol. “Societe Generale, the third largest bank in France, has just applied for the integration of collateral into Maker for 20 million USD,” said Christensen. “Backed by bonds in EUR, offered by their blockchain subsidiary. “

“It turns out that was the future of France from the start,” added Christensen. “Amazed that I had no idea this all the time. This is one of the [the] several recent examples in Maker Governance of how the post-founding organizational model is proving to be more scalable.

What do you think of Societe Generale’s digital currency division, which uses Makerdao and DAI tokens to refinance a bond token? Let us know what you think of this topic in the comments section below.

Tags in this story
Bond Token, Covered Bond Token, Crypto, Cryptocurrency, IAD, Dai Stablecoin, decentralized finance, Challenge, makerdao, Rune Christensen, Societe Generale, Stablecoin

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