The German bank used the network of this altcoin for a bond issuance of 100 million euros!

The development bank NRW BANK, belonging to the North Rhine-Westphalia state of Germany, took one of the largest steps of the public sector in Europe towards digital securities by issuing a blockchain-based bond worth 100 million euros.

The two-year bond was issued on the Polygon (POL) blockchain and recorded through the infrastructure of Cashlink Technologies, a crypto securities registration institution licensed by Germany's financial regulatory authority, BaFin.

This was the first bond issue carried out entirely digitally and as a crypto security by NRW BANK under Germany's Electronic Securities Act (eWpG). The law allows bonds to exist solely on the blockchain without the need for physical certificates.

Deutsche Bank, DZ BANK and DekaBank participated as joint lead managers in the issuance.

Cashlink CEO Michael Duttlinger stated, "This is not just a technical milestone; it is a sign that public financial institutions are now ready to move beyond blockchain pilot projects and integrate these systems at scale."

The eWpG law, which came into effect in 2021, provided a legal framework for the recording of securities on distributed ledger technologies (DLT) in Germany, which has one of the largest capital markets in the country.