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According to an article in the Financial Times, there is an increasing number of banks issuing bonds on blockchains, simplifying processes and reducing costs.

The article says that the bond market has been lagging behind other areas of financial markets in adopting new technologies.

Now, reports FT, bankers are realising that putting new debt on modern technology could lead to substantial savings.

“I think blockchain has a real future in debt capital markets,” said Sean Taor, head of European debt capital markets at RBC. “If you can use blockchain from start to finish, you take out a lot of the costs, a lot of the risks in terms of counterparty and settlement risks.”

In April, the European Investment Bank raised €100m from a two-year bond registered on the Ethereum blockchain network, in the first such deal involving a syndicate of banks. The deal came three years after the World Bank sold the first bond to be created and managed using blockchain.

Read the full story here.

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