Sberbank, Russia’s largest banking institution, and Interros Group, a Moscow-based private equity firm, have carried out an over-the-counter OTC foreign exchange repurchase agreement (repo) transaction employing smart contracts on a blockchain, Reuters Russia reported last week.
Head of global markets department and vice president at Sberbank, Andrei Shemetov, informed Reuters that the transaction is real, legally binding, and has been “concluded in electronic format using a smart contract and digital signatures through the IT platform of Sberbank.”
Shemetov further explained that “the transaction is a currency repo secured by the pledge of Eurobonds of the Russian issuer of the first tier.”
Earlier in November, Sberbank and MTS, a major Russian mobile operator, completed successfully a full-cycle security deal using smart contracts – from bond issue to full execution of the issuer’s obligations to the investor.
Sberbank and Interros Group conclude blockchain-based forex repo dealRead More
