Chinese Bank issued securities on the blockchain, secured by real estate
Chinese commercial Bank Bank of Communications (BoCom) has issued securities backed by residential real estate, in the amount of $1.3 billion For this he used a private blockchain called Jucai Chain.
State-owned BoCom issued a statement about the issue. Securities backed by residential real estate (RMBS) — a pool of mortgage loans owned by financial institutions. They are combined into a single package based on risk and return and can be sold to investors only. Blockchain Jucai Chain allows having access to the participants to get acquainted with the necessary data and carry out p2p transactions.
The main Issuer was made by himself BoCom. Investment company China International Capital Corporation acted played the role of guarantor of the placement and the leading Bank to offer securities. Other guarantors steel Industrial and commercial Bank of China and Chinese commercial Bank.
This is another example of how China banks adopting blockchain. Earlier we wrote about how the Industrial and commercial Bank of China is betting on this technology.