Swiss bank Lombard Odier has completed its first bond purchase facilitated entirely via blockchain. The distributed ledger technology meant the deal was cheaper and far faster than a traditional investment bank-brokered bond sale. The deal is the latest in a series of deals involving banks and fintech firms that are using distributed ledger technology to cut costs by reducing reliance on middlemen such as banks. The firm also says the deal was cheaper and transacted quicker than a traditional bond sale.
Swiss bank Lombard Odier has completed its first bond purchase facilitated entirely via blockchain. The deal is the latest in a series of deals involving banks and fintech firms that are using distributed ledger technology to cut costs by reducing reliance on middlemen such as banks. The firm also says the deal was cheaper and transacted quicker than a traditional bond sale.