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Siemens (SIE), Germany’s third-largest publicly traded company by market cap, issued its first digital bond as it looks to reduce paperwork and reach out to potential purchasers directly.

The 60 million-euro ($64 million) bond, issued on the Polygon blockchain, has a maturity of one year, according to a press release. The company declined to give the interest rate.

A blockchain bond “makes paper-based global certificates and central clearing unnecessary,” the company said in the statement. “What’s more, the bond can be sold directly to investors without needing a bank to function as an intermediary.”

The sale isn’t Siemens’ first experiment with blockchain technology. In December, 2021, JPMorgan Chase partnered with the engineering and manufacturing giant to develop a blockchain-based system for payments. The system is used to automatically transfer money between the Munich-based company’s own accounts.

The Electronic Securities Act that allows the sale of blockchain-based debt to take place came into force in June 2021. Other German companies that have issued digital bonds on blockchain technology can be seen here.

“By moving away from paper and toward public blockchains for issuing securities, we can execute transactions significantly faster and more efficiently than when issuing bonds in the past,” said Peter Rathgeb, corporate treasurer at Siemens.

See also: European Investment Bank Issues $121M Digital Notes Using Ethereum

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