{"id":12753,"date":"2021-10-01T20:54:13","date_gmt":"2021-10-01T20:54:13","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/third-largest-bank-in-france-societe-generale-proposes-use-of-defi-protocol-makerdao\/"},"modified":"2021-10-01T20:54:13","modified_gmt":"2021-10-01T20:54:13","slug":"third-largest-bank-in-france-societe-generale-proposes-use-of-defi-protocol-makerdao","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/third-largest-bank-in-france-societe-generale-proposes-use-of-defi-protocol-makerdao\/","title":{"rendered":"Third-Largest Bank in France Societe Generale Proposes Use of Defi Protocol Makerdao"},"content":{"rendered":"

French multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao. The proposal dubbed \u201cSecurity Tokens Refinancing\u201d was published on October 1 to Makerdao\u2019s forums and the submission aims to utilize the DAI stablecoin to refinance a covered bond concept.<\/strong><\/p>\n

Societe Generale Proposes Leveraging Makerdao and DAI Stablecoins to Refinance Bond Token<\/h2>\n

The international bank Societe Generale\u2019s digital currency division has submitted a proposal on Makerdao\u2019s governance forums (MIP6 application) and the bank wants to refinance a bond token. The \u201ccovered bond token,\u201d as it\u2019s called, was issued on the Ethereum blockchain last year. The proposal is on \u201cbehalf of European investment firm Societe Generale-Forge (SG-Forge),\u201d the MIP6 application<\/a> notes.<\/p>\n

\u201cThis refinancing transaction experimentation is in line with the innovative process and solutions developed by SG-Forge,\u201d the bank\u2019s digital currency division explains. \u201cThis experimentation combines traditional capital market activities with the decentralized finance emerging and growing ecosystem.\u201d Societe Generale\u2019s summary of the proposal adds:<\/p>\n

The \u201cOFH Tokens\u201d: the OFH Tokens are characterized as covered bonds under French Law backed by home loans and benefiting from a statutory privilege, issued by Societe Generale SFH (SG SFH) a specialized credit institution with the status of Soci\u00e9t\u00e9 de Financement de l\u2019Habitat delivered by the Authorit\u00e9 de Contr\u00f4le Prudentiel (as further described below) in the form of security tokens in the Ethereum public blockchain.<\/p>\n

Makerdao\u2019s Rune Christensen: Post-Foundation Model of Organization Is Proving to Be More Scalable<\/h2>\n

On Friday, the founder of Makerdao, Rune Christensen, explained how the international bank from France proposed to use the protocol. \u201cSociete Generale, the third-largest bank in France, just made a collateral onboarding application to Maker for 20 million USD,\u201d Christensen said. \u201cBacked by EUR bonds, proposed by their blockchain subsidiary.\u201d<\/p>\n

\u201cTurns out it was the future of France all along,\u201d Christensen added. \u201cAmazed that I had no clue about this at all the whole time. This is one of [the] multiple recent examples in Maker Governance of how the post-foundation model of organization is proving to be more scalable.\u201d<\/p>\n

What do you think about Societe Generale\u2019s digital currency division leveraging Makerdao and DAI tokens to refinance a bond token? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nDefi, Bond Token, Covered Bond Token, Crypto, Cryptocurrency, DAI, Dai Stablecoin, decentralized finance, DeFi, makerdao, Rune Christensen, Societe Generale, Stablecoin<\/p>\n","protected":false},"excerpt":{"rendered":"

French multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao. The proposal dubbed \u201cSecurity Tokens Refinancing\u201d was published on October 1 to Makerdao\u2019s forums and the submission aims to utilize the DAI stablecoin to refinance a covered bond concept. Societe Generale Proposes Leveraging Makerdao and…<\/p>\n","protected":false},"author":0,"featured_media":12754,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12753"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12753"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12754"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}