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VTB conducted the first deal with digital assets in Russia

The Russian state-owned bank VTB, the second largest in assets, together with the issuer Lighthouse, completed a deal with the issuance and redemption of digital financial assets (DFA).

As part of the experiment, the issuer’s debt was tokenized on the platform of the Lighthouse information system operator, after which VTB Factoring bought back the issued digital assets. As a result, the first in the Russian Federation issue and placement of CFAs secured by monetary claims was made.

Lighthouse CEO Denis Jordanidi said the first CFA deal opens up a new digital commercial finance market:

“The new commercial debt financing technology makes it much easier for Russian businesses to access capital to solve operational problems. The issuance procedure takes place instantly with minimal documentary support.

General Director of VTB Factoring Anton Musatov praised the advantages of the new solution:

“Unlike the standard factoring procedure, the customer does not need to conclude a service contract to assign commercial debt. It is enough for the issuer to issue a DFA on a digital platform and the factor’s consent to the acquisition.”

The issue of the CFA can be compared with the issue of short-term commercial bonds, where monetary claims act as collateral, VTB clarifies. Unlike the traditional tool, the full digitalization of the process allows to reduce the number of procedures and the number of participants in the transaction, which has a positive effect on the cost of the issue for the company, representatives of the state bank assure.

VTB managed to bypass Sberbank and enter a new market before the main technological state giant. In June, Deputy Chairman of the Board of Sber Anatoly Popov said that the state bank was closely monitoring the development of cryptocurrencies and was going to conduct the first cryptotransaction in the near future.

Source: Bits

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