IZNES, the European UCITS fund platform that uses blockchain for record keeping, shared details about experiments during the recent Eurosystem wholesale DLT settlement trials that ended in November. It conducted two sets of experiments that used the Banque de France’s wholesale CBDC (wCBDC) or ‘exploratory cash tokens’.
In both cases Generali took on the role of investor. The first stream involved using the wCBDC to subscribe for a tokenized fund issued by AXA IM. Given AXA IM doesn’t have access to central bank money, BNP Paribas Securities Services dealt with the delivery versus payment (DvP) settlement on its behalf, including the wallet management.
The second stream involved multiple steps. This time there was a tokenized fund from OFI Invest AM with Société Générale handling the settlement. After Generali paid for the investment, the wCBDC was subsequently used by OFI to reinvest in other funds as well as tokenized bonds issued by Société Générale. The tokenized bond, which was subsequently redeemed, used the Société Générale FORGE infrastructure.
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