Paris, June 12, 2023 – For this second edition, the CAST Challenge brings together renowned international players, banks, public authorities and companies, on July 18 and 19, 2023, to make progress on the construction of the “CAST” security token interoperability standard. “. The 2023 edition will focus on two use cases: the interoperability of security tokens with other financial market standardization initiatives (Common Domain Model initiative of ISDA, ICMA and ISLA, Bond ICMA’s Data Taxonomy and ANNA’s work on the nomenclature of cryptoassets) and the settlement of ‘on chain’ transactions on blockchain.
After a successful first edition in 2022, the second edition of the CAST CHALLENGE, an open-source hackathon initiated by a collective of financial and technological institutions (ABN-AMRO, AXA IM, Banco Santander, Crédit Agricole CIB, Société Générale-FORGE and VISA ), aims to promote new models of digitization of capital markets through distributed ledger technologies.
This hackathon, which is part of the weekly “Ethereum Community Conference –
EthCC Week”, will be held during the annual conference of the professional association ADAN “Web3 Leaders Forum (WLF)” on July 18 and 19, 2023 at the Palais Brongniart in Paris. It will bring together a set of players, both financial and technological, invested in the construction of interoperability models based on the CAST market standard and similar.
Societe Generale-FORGE (SG-FORGE), a regulated subsidiary of the Societe Generale group dedicated to cryptoassets, alongside many other key players in the security tokens market, is launching this second edition of the CAST Challenge, with the support of Crédit Agricole CIB which will focus on the use case on ‘On Chain’ delivery settlement, in the continuity of the launches of the “so|bond” framework (allowing a better distribution of roles) and of the EUR CoinVertible (first stablecoin deployed on a public blockchain ( Ethereum) for institutional investors).
The CAST Challenge thus aims to:
- Build bridges between traditional financial markets and the crypto-asset ecosystem;
- Support the adoption of blockchain technology for financial use cases in the real economy, with a secure and transparent regulatory framework;
- Promote new open source market processes and rules to digitize capital markets through new technologies.
Alongside members of the jury from international financial players, the CAST Challenge invited
representatives of several major international and European institutions, including the European Commission, ICMA, ISDA and the OECD. In particular, it provides for a “keynote speech” by Mr. Jan Ceyssens of the European Commission. Mentoring of candidate projects will be carried out by members of the jury as part of this second edition. Finally, the hackathon will be able to count on the presence of some of its CAST-certified partners working in auditing, consulting and IT, such as Accenture, OCTO Technology, Onepoint, KPMG, PwC and Grant Thornton.
The hackathon will take place over two days:
- The first day will be dedicated to the ideation phase and the preparation of the pitches of the two
use cases; - The second day will be punctuated by the organization of conferences, events with
partners as well as the passage of the CAST CHALLENGE projects in front of the jury. After
during the day, the winners will be presented with prizes in the Grand Auditorium of the Palace
Brongniart.
Applications for the CAST CHALLENGE are open, until June 30 inclusive, to all companies – fintech or large group. To register, go to: https://www.castchallenge.com/
“CAST is the perfect example of a private sector initiative, aimed at standardizing digital asset market practices and reinforcing regulatory developments such as MiCAR and the DLT pilot scheme adopted within the European Union. »
Jan Ceyssens, Head of Digital Finance Unit at DG FISMA (Directorate-General for Financial Stability, Financial Services and Capital Markets Union), European Commission
“We are delighted to launch this second edition of the CAST Challenge alongside partners
keys. CAST is, to date, the most successful international market initiative to build common financial and technological rules allowing the interoperability of financial projects based on the
blockchain and the scaling up of the use of common standards by market players. »Stéphane Blemus, Secretary General, Societe Generale-FORGE
“We are delighted to be able to contribute to the works on site which will enable greater
cooperation in an emerging market that relies on disintermediation technology. »Guénolé de Cadoudal, Head of Digital Assets Group for Crédit Agricole CIB
“We are very happy to be able to contribute to the development of standards allowing the
bridge between the world of traditional assets and that of digital assets with other institutions
financial. »Martijn Siebrand, ABN AMRO, Digital Assets ecosystem manager
“The evolution of our ecosystem requires strong cooperation. We are participating again this year in the CAST Challenge, which already provided us last year with the fundamental bricks for the
development of the tokenization of financial assets. AXA IM supports and contributes to this new
rich edition through its participants and its works. »Laurence Arnold, AXA Investment Managers, Head of Innovation Management and Strategic Initiatives
“The 2nd edition of the CAST Challenge offers an excellent opportunity to demonstrate how the Bond
ICMA Data Taxonomy and the FINOS Common Domain Model, developed by ICMA, ISDA and ISLA,
can promote interoperability between traditional financial securities and DLT-based financial securities and facilitate access to capital markets. »Gabriel Callsen, ICMA, Director, FinTech and Digitalization
About Societe Generale-FORGE
Societe Generale-FORGE, an integrated and regulated subsidiary of Societe Generale, is approved as an investment firm and authorized to provide investment services within the meaning of MiF II under the supervision of the French Prudential Control and Resolution Authority (ACPR) and the control of the Autorité des marchés financiers (AMF), and is registered as a Digital Asset Service Provider (PSAN) by the AMF. Societe Generale-FORGE develops an open, secure and institutional quality platform for transactions on digital assets, with banking security and compliance standards. The solutions and digital assets developed by SG-FORGE comply with the CAST open-source interoperability and security model. For more information, visit the websites www.sgforge.com And www.cast-framework.com.
About Crédit Agricole Corporate and Investment Bank (Credit Agricole CIB)
Crédit Agricole CIB is the corporate and investment bank of the Crédit Agricole Group, the world’s 10th largest banking group in terms of balance sheet size in 2021 (The Banker, July 2022). More than 8,900 employees in Europe, Americas, Asia-Pacific, Middle East and Africa support the Bank’s clients in covering their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets banking, investment banking, structured finance, commercial banking and international trade. A pioneer in the field of climate finance, the Bank now occupies a leading position in this segment with a comprehensive offer for all of its customers. For more information : http://www.ca-cib.fr/
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