KfW is preparing to issue its first blockchain-based digital bond in the form of a crypto security in accordance with the Electronic Securities Act (eWpG).
The blockchain-based transaction will be carried out by a bookrunner consortium consisting of DZ Bank, Deutsche Bank, LBBW and Bankhaus Metzler, with Union Investments as lead investor. Additional investors will be brought on board in the coming weeks and the transaction is expected to close in summer 2024.
KfW has already issued its first digital bond in the form of a central register security. “By issuing a blockchain-based bond, we are now taking the next big step, for which we want to attract as many investors as possible,” says Tim Armbruster, Treasurer of KfW. “On the path to digitalizing refinancing, the first thing is to learn and thereby identify potential for improvement. We believe digitalization will be beneficial in terms of greater efficiency and scalability.”
Frankfurt-based fintech Cashlink Technologies GmbH will act as a crypto securities registrar.
In this transaction, KfW is limiting itself to issuing the bond in digital form. Payment processing continues to take place traditionally via the established payment systems.
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