Berlin Hyp Announces First Blockchain-Covered Bond
Berlin Hyp has announced its first blockchain-covered bond, marking a new era in the mortgage market. According to FinanzBusiness, the issuance is based on the Electronic Securities Act (eWPG). The innovative covered bond has a nominal volume of 100 million euros and a term of three years.
Verlagsgruppe Knapp & Richardi reports that this digital security aims to reduce costs, streamline processes, save time, and paper documents. Teresa Dreo-Tempsch from Berlin Hyp's board emphasizes that blockchain technology will play an increasingly important role due to its efficiency, transparency, and security.
Sicherheit ohne Papierkram: Berlin Hyp bringt den Pfandbrief ins Blockchain-Zeitalter
Berlin Hyp introduces a blockchain-based mortgage-backed bond aimed at reducing paperwork while maintaining high levels of security. As reported by Tagesspiegel, this digital financial product promises cost savings and more efficient operations with a nominal value of 100 million euros over three years.
This smart contract does not require notarization; instead, it uses code lines for self-executing agreements once predefined criteria are met. This innovation supports the ongoing digitization efforts in capital markets as highlighted by Teresa Dreo-Tempsch from Berlin Hyp’s board.
Erster Blockchain-Pfandbrief der Berlin Hyp
The first German blockchain-covered bond issued by Berlin Hyp represents another step towards modernizing refinancing methods using cutting-edge technology. According to ImmobilienManager, this cryptocurrency-backed security also involves collaboration with Dekabank and LBBW as lead managers who will act as depository banks during the transaction process.
Dekabank additionally serves as the crypto securities register manager for this project, which utilizes SWIAT GmbH’s private permissioned blockchain platform known for energy-efficient algorithms.
Berlin Hyp Starts First Blockchain Covered Bond in Germany
Blockchain-Hero highlights how Berlin Hyp expands its refinancing mix through Germany's first-ever blockchain-covered bond worth 100 million euros over three years under electronic securities law utilizing advanced technologies like those provided by SWIAT GmbH alongside partners such as Dekabank and LBBW acting both syndicate leaders/depositories ensuring seamless execution throughout lifecycle stages involved here too!
