-
Bitcoin Price: $37,968
2.47%
-
All-Time High: $69,045.00
44.99%
- 24h High / 24h Low: $38,351 / $36,911
-
Market Cap: $742,665,801,572
2.56%
- 24h Volume: $16,164,418,231
First DeFi credit for traditional major bank

Source: Société Générale
The French bank Société Générale plans to borrow $30 million in DAI from decentralized organisation Maker DAO. This would be the first DeFi credit for a traditional major bank and would represent a pioneering cooperation between the DeFi and the traditional banking sector.
Société Générale applies to allow own token as collateral for credit
Société Générale’s subsidiary SG Forge has proposed to Maker DAO to deposit the in-house OFH token as collateral for the loan of 30 million DAI. The OFH token is a $100 million Société corporate bond based on the Ethereum blockchain.
MKR holders and delegates had the opportunity to vote on this proposal. On July 14, Maker announced the voting results via Twitter: “MKR holders and Delegates voted to onboard OFH tokens as a new real-world asset collateral type in the Maker Protocol”. A clear majority of 83.16% of those eligible to vote supported the application.
You can see the Governance Poll result here:
— Maker (@MakerDAO) July 14, 2022
🗳 https://t.co/BNPls7II6S
And, for further reading, we encourage you to read this Risk Assessment recap:https://t.co/SKYRF6A44J
Pioneering collaboration of DeFi & traditional banking sector
The decentralized organization Maker DAO’s acceptance of the OFH bank token as collateral for the credit is unprecedented in history and could serve as a pioneer for collaboration between the DeFi and the traditional banking sector. The collaboration also opens up new perspectives for Maker DAO: “The proposed transaction opens new avenues for DAI generation backed by highly rated and regulated real-world assets with tokenization overlay”.
Disclaimer
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
Read more About
THIS WEEK’S
Trending Posts
-
May 24, 2023
Bitcoin and the Environment: Debunking the Myths
-
February 2, 2023
Explained: Advantages & Disadvantages of KYC
-
January 24, 2023
Ethereum successfully launches Shadow Fork in preparation for upcoming Shanghai Hard Fork
-
January 11, 2023
Assets worth $5 billion in cash and cryptocurrency seized from FTX
-
December 19, 2022
Stablecoins: The future of digital currency?
SPREAD THE WORD
Share this Post
HAND-PICKED
Curated Cryptocurrency Posts
-
May 24, 2023
Bitcoin and the Environment: Debunking the Myths
-
February 2, 2023
Explained: Advantages & Disadvantages of KYC
-
January 24, 2023
Ethereum successfully launches Shadow Fork in preparation for upcoming Shanghai Hard Fork
-
January 11, 2023
Assets worth $5 billion in cash and cryptocurrency seized from FTX
Didn't find the answer you were looking for?
Feel free to check our cryptocurrency market data or our comprehensive blockchain glossary.