A major milestone in Italy's financial market!
CDP Cassa Depositi e Prestiti (CDP), in collaboration with BlockInvest, has issued the first fully tokenized bond using Polygon PoS as the blockchain infrastructure.
This marks a significant leap forward in on-chain financial services.
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The bond issuance was made possible through strategic partnerships between BlockInvest, state-owned bank CDP, and Intesa Sanpaolo, Italy's largest lender.
By leveraging Polygon PoS, they drastically reduced issuance times and costs, enhancing efficiency and transparency.
The bond was fully managed on-chain, covering all processes including issuance, settlement, coupons, and maturity—except for cash settlement, which used central bank money via Bank of Italy’s TIPS Hashlink system.
This is a real-world application of blockchain technology.
BlockInvest's platform now integrates TIPS Hashlink for seamless interoperability with the Eurosystem, marking CDP as a DLT Market Operator.
This sets the stage for a more dynamic and transparent capital market in Italy, bridging traditional finance and blockchain.
Notably, Fitch Ratings rated the bond F2, placing its tech risk on par with legacy systems like IBM and Oracle.
For the first time, a blockchain has achieved risk parity with traditional banking technology.
The regulator is onboarded directly to Polygon PoS, accessing compliance data in real-time.