The deal could be the first of many to cut out the middleman – investment banks. Swiss bank Rey has completed its first bond purchase facilitated entirely via blockchain. The deal, which saw the bank purchase a $15 million catastrophe bond, is being billed by Lombard Odier as one of the first secondary market transactions making use of blockchain technology. The firm also says the deal was cheaper and transacted quicker than a traditional bond sale.
Swiss bank Rey has completed its first bond purchase facilitated entirely via blockchain. The deal, which saw the bank purchase a $15 million catastrophe bond, is being billed by Lombard Odier as one of the first secondary market transactions making use of blockchain technology. The firm also says the deal was cheaper and transacted quicker than a traditional bond sale.