Deployments · platform by Cashlink

NRW.BANK blockchain bond on Polygon (crypto security under the eWpG)New

NRW.BANK, the promotional bank of North Rhine-Westphalia, issued its first bond fully on a blockchain in July 2025: a EUR 100 million two-year bond with a 2.16% coupon, issued as a crypto security under Germany's Electronic Securities Act on the public Polygon blockchain. Cashlink kept the crypto securities register instead of a global certificate being deposited with Clearstream. DekaBank, Deutsche Bank and DZ BANK were joint lead managers; KfW was anchor investor, alongside Berliner Volksbank, DekaBank, LBBW, Union Investment and WIBank.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 10 Jul 2025^[1] — One syndicated issue outstanding; no second issue found. · Reviewed 14d ago

Assets: Debt security^[1]
Promotional-bank bearer bond issued as a crypto security
Networks: Polygon Public, permissionless^[2]
Use cases: Primary issuance^[1][2]
Jurisdictions: Germany

Participants

NRW.BANKIssuer^[1]Germany
CashlinkPlatform provider, Transfer agent or registrar^[2][1]Germany
DekaBankArranger or dealer, Distributor, Investor^[1][3]Germany
Deutsche BankArranger or dealer, Distributor^[1][3]Germany
DZ BANKArranger or dealer, Distributor, Depositary or trustee^[1][3]Germany
Norton Rose FulbrightLegal or professional adviser^[4]Switzerland
Hengeler MuellerLegal or professional adviser^[3]Germany
KfWInvestor^[1]Germany
Berliner VolksbankInvestor^[1]Germany
LBBWInvestor^[1]Germany
Union InvestmentInvestor^[1]Germany
WIBankInvestor^[1]Germany
Further institutional investors beyond those named ('among others').^[1]

Operates under

Electronic Securities Act (eWpG), GermanyGermany · Primary legislation^[1][2]

Likely relevant regulation

EU DLT Pilot RegimeEuropean Union

Assets

IssuesNRW.BANK EUR 100m 2.16% crypto bond on Polygon, 2025 (NRW1)^[1]

Metrics

€100mCrypto bond issued · as of 10 Jul 2025^[1]

Timeline

Expected Jul 2027 (month only) · Retired · recorded 18 Oct 2026
Expected maturity of the two-year bond (exact date not published in the sources opened).^[1]
Happened 10 Jul 2025 · Launch · recorded 18 Oct 2026
NRW.BANK issues a EUR 100 million two-year 2.16% bond as a crypto security on Polygon, registered by Cashlink, with KfW as anchor investor.^[1][2]

Sources

[1]NRW.BANK issues first blockchain-based bond — NRW.BANK, 10 Jul 2025. Accessed 18 Oct 2026.B
[2]Cashlink supports NRW.BANK's first blockchain-based bond issue on Polygon — Cashlink Technologies, 10 Jul 2025. Accessed 18 Oct 2026. In German; our summary is translated.B
[3]Hengeler Mueller advises joint lead managers on NRW.Bank's first blockchain-based digital bond — Hengeler Mueller, 9 Jul 2025. Accessed 28 Oct 2026. Counsel's deal notice; names the joint lead managers, DZ BANK as collective registered holder and Cashlink as registrar, and gives the maturity as 9 July 2027..C
[4]Norton Rose Fulbright advises NRW.BANK on the inaugural issue of a blockchain-based digital bond — Norton Rose Fulbright, Jul 2025. Accessed 28 Oct 2026.C

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