The blockchain-based transaction will be carried out by a bookrunner consortium consisting of DZ Bank, Deutsche Bank, LBBW and Bankhaus Metzler, with Union Investments enlisted as an achor investor. Other investors will be brought onboard over the coming weeks with the transaction scheduled to be completed in summer 2024. KfW has already issued a first digital bond in the form of a central register security. “We are now taking the next big step with the issuance of a blockchain-based bond for which we want to attract as many investors as possible,” says Tim Armbruster, treasurer at KfW. “The initial goal on the road to the digitalisation of refinancing is to learn and thereby identifying potential for improvement. We believe that digitalisation will be advantageous in terms of increased efficiency and scalability.” Frankfurt-based fintech Cashlink Technologies GmbH will act as the crypto securities registrar.In this transaction, KfW is limiting itself to the issuance of the bond in a digital format. Payments will continue to be processed in the traditional way using the established payment systems.