Ethereum mined by NBA Team

Sacramento Kings is the first team to enter the crypto space: they are presenting crypto to fans and suggesting a local group with black communities for ether
29 June 2018   1204

The Sacramento Kings, the American basketball team, began mining ether 3 weeks ago applying Nvidia mining rigs. The owner of the NBA team, Vivek Ranadive, is a computer software entrepreneur as well, and the founder of Tibco. The Sacramento Kings have been lauded by the magazine Fast Company’s yearly ranking of the world’s Most Innovative Companies in Sports.

The Kings were the first NBA team to adopt bitcoin as payment at its goods store and for season tickets in 2014. Vivek Ranadive was referred claiming that the team was a big fan of Ethereum, and planned to do something to give back to the local community. “It was obvious to us,” he explained, “let’s start mining cryptocurrency.” The benefits from the mining would go to a local group that aids blacks communities as part of a charity program.

The home to the Sacramento Kings, the Golden 1 Center, an indoor arena, has a solar rooftop that can produce up to 1.2 megawatts. Setting solar power was part of the Sacramento Kings ownership’s goal to have the country’s most technologically developed entertainment center. 

The NBA team’s business officials declared that the mining project has no direct connection with basketball at the moment, but they are sure that when players come to Sacramento they will be aware they can be presented to advanced technologies and to tech firms.

Societe Generale to Issue ETH DLT Based Bonds

Societe Generale SFH used the OFH security token, based on Ethereum's public blockchain to issue secured bonds for 100 million euros
24 April 2019   96

French banking corporation Societe Generale Group issued bonds in the form of security tokens, using the public Ethereum blockchain.

On Tuesday, the company announced that its division Societe Generale SFH used the OFH token to issue secured bonds worth 100 million euros. According to the investor services of the rating agency Moody’s, Societe Generale turned out to be the “sole investor” of the financial instrument and did not involve any third-party participants in its purchase.

A bond is issued for a five-year term with a 12-month grace period. The security presented by a token gives its holder the same rights as that issued in traditional form.

Moody’s argues that the use of the blockchain can have a positive effect on the rating of a financial institution, in particular due to increased transparency and reduced likelihood of errors resulting from the difficulties and the number of intermediaries involved in the process of issuing secured bonds using traditional means.

PwC auditing company acted as a technology consultant for the project, while French law firm Gide Loyrette Nouel provided legal support.

Earlier this month, Societe Generale-owned private bank Kleinwort Hambros announced the creation of a exchange traded note, intended for investment in the blockchain industry.