Zheshang Bank, one of the largest commercial financial institutes in China, issued securities worth $ 66 million through its proprietary blockchain platform. This is reported by CoinDesk.
On August 13, the bank submitted a prospectus to the Shanghai Clearing House. At the same time, representatives of Zheshang Bank reported that the securities will be secured by accounts receivable from various companies.
A few days later, the China Securities Journal reported that the bank issued these assets on August 17, becoming the first institution in the country to issue such securities.
The Lianrong blockchain platform was launched by the bank to provide registered companies with the opportunity to distribute assets secured by accounts receivable to investors.
Founded in 2004, Zheshang Bank is one of China's 12 publicly traded financial companies that launched various initiatives related to distributed registry technology over the past year and a half.