The World Bank’s Blockchain-Based Bonds Can Now Be Traded on a Secondary Market

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Sunday, June 16, 2019    /   05:42PM   /   By Fintechnews Singapore    / Header Image Credit: FintechSingapore      

 

The World Bank and Commonwealth Bank (CBA) have banded together to enable secondary market trading on blockchain for its block-i bond—and apparently it will be the first of its kind.

 

The function was developed by CBA in conjunction with World Bank and market maker TD Securities. The ‘bond-i’ project (blockchain operated new debt instrument) is part of a broader strategic focus of the World Bank to harness the potential of disruptive technologies for development.

 

The bond-i blockchain platform was built and developed by the CBA Blockchain Centre of Excellence, housed in the Sydney Innovation Lab.

 

The World Bank issued bond-i in August 2018, which was the world’s first bond to be created, allocated, transferred and managed through its life cycle using distributed ledger technology.

 

Between US$50-US$60 billion annually is issued in bonds for sustainable development as part of its mandate to reduce poverty and promote lasting development.

 

Sophie Gilder, Head of Experimentation & Commercialisation, CBA Innovation Labs said:

“Since issuing bond-i in August last year, the positive feedback and interest from the technology and financial sector community globally has been extraordinary.”

“There is a growing recognition that blockchain technology can deliver a superior digital market for raising capital and then managing and trading securities, so we are working with our strategic partners to realise that vision.”

 

 

Proshare Nigeria Pvt. Ltd. 

 

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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

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