Today Societe Generale Forge (SG Forge), the bank’s digital asset division, unveiled its second CAST Challenge to encourage developers to use its CAST (Compliant Architecture for Security Tokens) Framework. Prizes of up to €30,000 are on offer.
However, the big advantage for the winners could be the ability to work with some of its partners. The competition judges are from ABN Amro, AXA Investment Managers, Credit Agricole, ICMA, Santander, Societe Generale and Visa.
It ran its first Challenge last year, but since then, the momentum for tokenization has picked up significantly. For example, partners Credit Agricole and ABN Amro both launched digital securities platforms this year, and AXA IM has invested in tokenized securities (not its first) and received a digital asset license. SG Forge also received its digital asset license late last year.
There are two tasks in the challenge. One is to develop solutions using CAST that comply with ISDA, ICMA and ANNA standards. The other is to create settlement solutions for delivery versus payment (DvP).
Meanwhile, SG Forge has been a trailblazer getting involved in one of the first public blockchain security token issuances and the first for the European Investment Bank. This year it took the brave step of becoming the first systemic bank to issue a stablecoin on a public blockchain. While it hasn’t been popular, the stablecoin could be used for future Ethereum DvP transactions.
