The European Investment Bank, an international financial institution owned by member states of the European Union, is said to be investigating blockchain technology to issue digital bonds.

The European Investment Bank has appointed major global banks such as Goldman Sachs, Banco Santander and Société Générale to study a potential deal in euro-denominated bonds issued on the blockchain, according to a Bloomberg report released on Tuesday.

Citing a person familiar with the matter, Bloomberg said the European Investment Bank plans to deploy blockchain technology to record and redeem digital bonds. It is reported that the meetings with investors for the first sale will start on Thursday and will last for several weeks.

The European Investment Bank did not immediately respond to Cointelegraph’s request for comment.

Blockchain, the technology behind cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), has been increasingly used in the bond market in recent years. According to HSBC, the blockchain provides the opportunity to provide more than 10x in the bond market, reducing the need for middlemen and allowing for smaller projects to be issued.

As the investment arm of the European Union, the EIB has often been at the forefront of innovation in European debt capital markets. In 2007, the European Investment Bank issued the world’s first green bond, called the “Climate Awareness Bonds”.

The news comes as the European Central Bank prepares to decide whether to start exploring the digital euro. In late March, European Central Bank President Christine Lagarde suggested that the digital euro initiative would take at least four years if the bank decided to continue the experiment.