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World Bank

The World Bank Sells $33.8 Million More than its Private Ethereum Blockchain Bonds

August 19, 2019 at 6:30 PM | By Jit Sutradhar News

The World Bank has issued a second round of its iconic blockchain bonds.

The international financial institution raised another $ 50 million from AUD ($ 33.8 million) by selling the “debt instrument operated by blockchain” (bond-i), according to the Commonwealth Bank of Australia (CommBank), which managed the sale jointly with RBC Capital Markets and TD Securities.

New and existing investors participated, CommBank said.

In total, the World Bank issued $ 160 million AUD ($ 108 million US dollars) of these bonds, which are executed in a private version of the ethereum blockchain. It is “the first bonus created, assigned, transferred and managed throughout its life cycle using distributed accounting technology,” according to CommBank.

“We are pleased to see the continued strong support and collaboration of investors and partners,” said Andrea Dore, director of World Bank funds, in a press release. “The innovation and experience of the World Bank in capital markets is key to working with our member countries to increase digitalization to increase productivity in their economies and accelerate progress towards the Sustainable Development Goals.”

The blockchain platform was built and developed by the CommBank Blockchain Center of Excellence.

“CBA now has tangible evidence of our first bond offering using blockchain technology and subsequent bond management, secondary trade and tap issuance through the same platform, that blockchain technology can offer a new level of efficiency, transparency and capacity of risk management versus existing market infrastructure, “said Sophie Gilder, director of blockhain and AI at CommBank, in the statement last week, adding:

“Next we intend to deliver additional functionality to deliver greater efficiencies in settlement, custody and regulatory compliance.”

A year ago, the World Bank announced the first issuance of i-bonds for $ 110 million AUD (approximately $ 81 million at that time).

In May of this year, the World Bank and CommBank began record the secondary market bond trade using blockchain technology.

World Bank image via Shutterstock

Article Source: http://www.coindesk.com

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