Societe General Forge (Forge), the digital assets arm of the bank, has launched the CAST Challenge, a competition for creating security token solutions that work on multiple DLT networks. The challenge is open to both startup teams and institutions active in the blockchain arena and will run through to June. Applications close March 21 and prizes include awards of up to €150,000 and the chance to get involved in a security token issuance with a big name institution.
The jury panel is drawn from major institutions, including the Banque de France’s innovation lab, SWIFT, AXA Investment Managers, ABN Amro, Santander, Societe Generale and Visa.
Participants will create open source code components around the CAST (Compliant Architecture for Security Tokens) Framework that Forge developed during its previous token issuances, including in 2019, 2020 and 2021 for itself, as well as the European Investment Bank (EIB). Forge wants to establish the CAST Framework as an industry standard for security tokens.
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