Germany’s SWIAT blockchain has been responsible for numerous digital bond issuances in the past few months. Now it has hosted a digital commercial paper issuance by Siemens, which was settled using JP Morgan’s JPM Coin in a delivery versus payment transaction. Ten days ago Siemens issued the €100,000 commercial paper under Germany’s crypto security laws and redeemed it three days later.
SWIAT is the blockchain infrastructure founded by DekaBank, which also counts LBBW and Standard Chartered as joint venture partners, amongst others.
Siemens already has experience of using both SWIAT and JP Morgan’s Onyx blockchain. It was the first JP Morgan client that publicly disclosed using the JPM Coin blockchain-based bank account almost three years ago, to support its treasury department moving money between its global subsidiaries 24/7. It was also the first client to use JPM Coin’s programmability functionality. Earlier this month Siemens issued a €300 million ($333m) digital bond on the SWIAT blockchain settled with conventional central bank money using Germany’s Trigger solution. That transaction was part of the ECB’s wholesale DLT settlement trials.
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