French bank Société Générale asks $30 million loan from Maker DAO
France’s third largest bank Société Générale plans to borrow 30 million DAI from Maker DAO. This application was made by its subsidiary company SG Forge. The company is offering its own OFH token worth 40 million euros as collateral.
In a vote of 83.16% of community members supported the idea. Which means that very soon we will see the first DeFi loan for a traditional big bank.
A few words about the OFH bank token, which will be the collateral for the loan. This is a Société corporate bond, which the company launched on the Ethereumblockchain in 2019. The structure of such securities has been rated AAA (very high reliability) by Moodys.
Why the deal is important
This collaboration has two important points. First, the Maker protocol is willing to accept the OFH token as collateral, which is quite unusual in crypto circles. Typically, credit protocols require bitcoins or wrapped ether to be deposited.
The second point is that Maker is trying on the role of a central bank. Prior to the transaction, there was no $30 million in DAI Stablecoin. Like the ECB, Maker creates new money and makes money from it.
Ola Peterson is the author of eDieta in Cryptocurrency and Blockchain and lives in Toronto.
A very inquisitive person who is passionate about new technologies.
And of course she could not ignore such technology as blockchain and everything associated with it. Cryptocurrency, cryptocurrency exchanges, celebrities who are into crypto. Absorbs absolutely all information that is related to crypto.
She listened to Princeton University's course on crypto, watches all webinars on crypto, visits international exhibitions on blockchain and cryptocurrency.
