The National Settlement Depository (NSD), the central depository for Russia's largest securities exchange group, has announced it is testing a new commercial bond trading platform built on top of the Hyperledger blockchain consortium's Fabric software.
Already, Raiffeisenbank Russia has used the prototype platform to purchase $10 million-worth of bonds of MegaFon, the country's second-largest mobile phone network. The bonds have a redemption date of December 22 and, despite the short-lived nature of the test, the NSD concluded that the technology could help keep the process "simple and transparent."
"The ultimate goal [of the] NSD is to build blockchain infrastructure for any innovative financial product to operate on. Once the infrastructure is created, [the] technology holds potential to deliver a large variety of financial products and services operated by smart contracts," Eddie Astanin, chairman of the NSD's executive board, said in a statement.
The project adds to the slate of initiatives already underway at the NSD, including a cryptocurrency wallet as part of a broader suite of services.
"Our goal is to create a secure and user-friendly accounting infrastructure for digital assets," Astanin said in a statement at the time.
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