UBS Confirmed the BOCI Digital Structured Notes Issued on Ethereum Public Chain

Last week, Hong Kong-based Bank of China International Holdings (BOCI) has issued 200 million yuan (US$28 million) worth of fully digital structured notes in the form of tokens on the Ethereum blockchain, partnered with the investment bank UBS, which created the product and placed it with its Asia-Pacific clients.

Crypto community was excited about this development, but both BOCI and UBS didn't disclose the transaction ID on Ethereum, the crypto community also struggled to locate the relevant transaction on Ethereum. This makes some analysts suspect the transaction was conducted on a private version of Ethereum rather than the public chain.

A UBS spokeswoman confirmed the transaction did happen on Ethereum mainchain and told a Hong Kong Press SCMP on Friday:"While traditional notes are held by a central securities depository (CSD), the BOCI and UBS product is created as a smart contract and registered directly on the Ethereum network, with no CSD involved. Using a public blockchain allows for “greater interoperability and connectivity across different market participants”.

However, the transaction ID for the note issuing is still not disclosed.

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