Bank of China’s move on Ethereum was a first.
Bank of China broke new ground by issuing tokenized securities in Hong Kong with UBS on Ethereum. The asset issued by Bank of China on Ethereum was recorded as a first on Ethereum.
Bank of China Issues Tokenized Bonds with UBS on Ethereum
Bank of China’s investment bank BOCI has become the first financial institution in Hong Kong to issue tokenized security on Ethereum.
Working with UBS, BOCI became the first Chinese financial institution to issue tokenized securities in Hong Kong. The bank has issued bonds worth 200 million offshore renminbi (approximately $28 million) on the Ethereum blockchain, which are fully digitized. This step made it the first Chinese financial institution to issue a tokenized security in Hong Kong.
BOCI’s partner and creator, UBS, said in a statement:
“This transaction is the first of its kind to be created under the laws of Hong Kong and Switzerland in the Asia Pacific region and tokenized on the main Ethereum Blockchain, successfully integrating regulated securities into a public blockchain.”
This issue comes after UBS previously issued a $50 million tokenized fixed-rate note on a blockchain in accordance with British and Swiss law.
