Siemens, the German tech giant, has reportedly issued its first digital bond on the Polygon (MATIC) blockchain. The €60 million bond is compliant with German electronic securities law and was sold directly to investors such as DekaBank, DZ Bank, and Union Investment.

Siemens Chief Financial Officer, Ralf P. Thomas, emphasized the company’s commitment to supporting digital transformation. Siemens has also partnered with US financial giant JP Morgan in the blockchain field and was one of the pioneers in developing digital solutions for capital and securities markets through its blockchain-based bond issuance.

Siemens is one of over 20 companies issuing digital bonds on the blockchain since the Electronic Securities Act came into force, including Germany’s leading securities service providers DekaBank and Deutsche Bank. Other organizations issuing digital bonds include Societe Generale Group and Mazzanti Automobili. The shift to digital bonds enables transactions to be executed significantly faster and more efficiently than before. The Electronic Securities Law went into effect in June 2021, making it possible to issue digital bonds using blockchain, marking an important milestone in the development of digital securities in Germany.

Stay tuned to CoinTopper.com for more news!