KfW DLT I

Germany’s state-owned development bank KfW has issued a €100 million ($108 million) digital bond recorded directly on the public Polygon blockchain, bypassing a traditional central securities depository (CSD). The issuance leverages Germany’s Electronic Securities Act (eWpG), which permits 'crypto securities'—securities registered on a distributed ledger rather than a central register. Fintech firm Cashlink served as the crypto securities registrar for the transaction.