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Sberbank Oversees Russia’s First Blockchain Corporate Bond Deal

Sberbank Oversees Russia’s First Blockchain Corporate Bond Deal 101
Source: iStock/wrangel

Sberbank CIB, a subsidiary of Russian banking giant Sberbank, claims it has successfully conducted Russia’s first ever blockchain-powered commercial bond transaction, in conjunction with the central National Settlement Depository (NSD).

Sberbank, in a statement, claimed that it has overseen the issue of corporate bonds in MTS, a Russian telecoms company. The bonds have a six-month maturity period, and are said to be worth some USD 12 million.

NSD, which is owned by Moscow Exchange, the largest exchange group in Russia, says the transaction was carried out on its Hyperledger platform.

Igor Bulantsev, Senior Vice President of Sberbank and the head of Sberbank CIB, said, in a statement, “This transaction has not only allowed us to confirm the reliability, efficiency and security of the blockchain platform, but also once again proved the promise of this technology for the development of Russia's digital economy.”

Eddie Astanin, Chairman of the Board of the National Settlement Depository, stated, “This transaction proves that we are capable of providing high-speed, secure and confidential securities transactions. Our ultimate goal is to create a shared digital asset accounting infrastructure.”

Sberbank has been dubbed the “eternal leader of the blockchain conversation” by Russian journalists, and was the first Russian bank to join the international Enterprise Ethereum Alliance, which connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.

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