The Swiss-based Credit Suisse and Dutch-based ING financial service groups have successfully completed the first live transaction of 25 mln euros (around $30 mln) in securities on R3’s Corda Blockchain platform, according to Credit Suisse’s March 1 press release.
Credit Suisse and ING transferred the legal ownership of Dutch and German government securities using HQLAX Digital Collateral Records (DCRs) on the HQLAX Corda-based collateral lending application.
The transaction was executed by transferring the proprietary rights of HQLAX DCR-linked accounts containing “baskets of securities,” instead of the traditional way of transferring the individual securities themselves.
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