Home
News
- The European Investment Bank (EIB) taps Ethereum technology to issue €100 million ($121 million) in two-year digital notes
- Ether (ETH) values touch an all-time high of $2,709
- Number of banks joining such state-backed blockchain bonds
Ether (ETH) values surged to new heights on Wednesday after upbeat news from European Investment Bank. According to coindesk.com, the lending arm of EU, The European Investment Bank (EIB), used Ethereum technology to issue €100 million ($121 million) in two-year digital notes for the first time.
Ether prices skyrocket
The news acted as a catalyst, and Ether (ETH) prices skyrocketed to a new all-time high of $2,709 early during trading in Asia on Wednesday. The crypto metrics provider reported that the world’s second-largest digital asset by market capitalization gained 7% over the past one day and 15.7% over the past seven days. The latest move has pushed the Ether (ETH) value to a record $312 billion. The notes were issued on April 28, and Goldman Sachs, Banco Santander SA, and Societe Generale AG served as joint managers.
The European Investment Bank (EIB) added that the transactions were in the form of a series of bond tokens on a blockchain, and users can purchase and pay for the tokens using traditional fiat. According to a Bloomberg report, the notes have a zero percent coupon and are registered on the blockchain.
Other banks also join such state-backed blockchain
The number of banks joining such state-backed blockchain bonds has been expanding in recent times. According to coindesk.com, the Bank Of Thailand has launched a blockchain-enabled platform for issuing government saving bonds. Similarly, China Construction Bank (CCB) had used the Labuan-based digital asset exchange Fusang for the issuance of $3 billion worth of debt securities over a blockchain. The distribution of European Investment Bank $121M Digital Notes Using Ethereum is managed by Goldman Sachs, Santander Group, and Societe Generale. The European Investment Bank was founded in 1958 and is one of the major lending institutions worldwide. The EU members act like shareholders to the bank.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
