Deployments · platform by SWIAT

Berlin Hyp blockchain Pfandbrief on SWIATNew

Germany's first blockchain-based Pfandbrief: EUR 100 million of mortgage covered bonds issued by Berlin Hyp in August 2024 as a crypto security under the Electronic Securities Act, on SWIAT's private permissioned blockchain with DekaBank keeping the register. DekaBank and LBBW led the syndicate and make a market in it; Metzler was anchor investor. In April 2025 KfW bought EUR 10 million of the bonds from DekaBank over the counter, its first purchase of a crypto security. The bond matures in July 2027.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 6 Aug 2024^[1] — One syndicated issue outstanding until July 2027; no further issue found. · Reviewed 14d ago

Assets: Debt security^[1]
Mortgage Pfandbrief issued as a crypto security
Networks: SWIAT Private, permissioned^[1][2]
Use cases: Primary issuance^[1]Secondary trading^[2]
Jurisdictions: Germany

Participants

Berlin HypIssuer^[1]Germany
SWIATPlatform provider^[1]Germany
DekaBankTransfer agent or registrar, Arranger or dealer, Distributor, Custodian, Market maker or liquidity provider^[1][2]Germany
LBBWArranger or dealer, Distributor, Custodian, Market maker or liquidity provider^[1]Germany
Bankhaus MetzlerInvestor^[1]Germany
KfWInvestor^[2]Germany

Operates under

Electronic Securities Act (eWpG), GermanyGermany · Primary legislation^[1]

Likely relevant regulation

Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014European Union
EU DLT Pilot RegimeEuropean Union

Assets

IssuesBerlin Hyp EUR 100m 2.75% blockchain Pfandbrief on SWIAT, 2024^[1]

Metrics

€100mBlockchain Pfandbrief issued · as of Aug 2024^[1]

Timeline

Expected 29 Jul 2027 · Retired · recorded 17 Oct 2026
Scheduled maturity of the Pfandbrief.^[1]
Happened 25 Apr 2025 · First transaction · recorded 17 Oct 2026
KfW buys EUR 10 million of the Pfandbrief from DekaBank over the counter, booked into its ordinary custody account without its own blockchain access.^[2]
Happened 2 Aug 2024 · Launch · recorded 17 Oct 2026
Berlin Hyp prices a EUR 100 million 2.75% blockchain Pfandbrief due July 2027 on SWIAT, syndicated by DekaBank and LBBW; value date 6 August.^[1]

Sources

[1]Lessons Learnt – First Blockchain Pfandbrief — Berlin Hyp, 2024. Accessed 17 Oct 2026. Issuer's term sheet and lessons-learnt deck; the live berlinhyp.de URL now returns 404, archived copy opened..B
[2]Changing it up: KfW active as an investor in crypto securities for the first time — KfW, 29 Apr 2025. Accessed 17 Oct 2026.B

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