Bochum-based German real estate developer Vonovia owns over 400,000 apartments in Germany, Austria and Sweden. To further expand the digitization of its finance department, the company has issued fully digital registered bonds worth €20 mln for the first time.
In this case, security tokens are used to transfer ownership in accordance with the highest security standards. To actually process the transaction and transfer ownership, tokens were issued on the Stellar blockchain. Vonovia launched the token through the firstwire online marketplace.
In the middle of December 2020, the German Federal Cabinet of Ministers adopted a new draft law on the implementation of electronic securities, which is intended to further advance the digitization of Germany's financial center and fulfill the basic requirement of a blockchain strategy for greater transparency, market integrity and investor protection. More than 800 companies are already using Stellar technology to provide a wide range of products and financial services.