The World Bank is an international financial institution. In August last year, the World Bank issued its first blockchain bond called bond-i in partnership with the Commonwealth Bank of Australia (CBA). Bond-i is a debt instrument powered by blockchain. The World Bank used a private Ethereum blockchain to sell seven investors a two-year bond worth A$100 million ($79 million).
Founded in 1944, the World Bank operates as a global development cooperative owned by 189 countries. The World Bank aims to end extreme poverty and promote shared prosperity. The World Bank provides guarantees, advisory services, loans and risk management products to both middle-income and trusted countries to support the sustainable development goals. For more than 70 years, the World Bank has issued sustainability bonds to international capital markets for funding programs and activities that achieve a positive impact.
Last week, the World Bank raised an additional AUD$50 million (US$33.8 million) for Kangaroo Bonds due in August 2020. Kangaroo Bonds are foreign bonds, which are bonds. First and foremost a bond is created, transferred, distributed and managed through its life cycle with the help of blockchain’s distributed ledger technology. The sale is managed by CommBank (Commonwealth Bank of Australia) along with TD Securities and RBC Capital Markets. According to CommBank’s disclosure, both new and existing investors participate in trading.
As stated in a press release by Andrea Dore, Director of Funds at the World Bank, “We are pleased to see continued, strong support and collaboration from our investors and partners. work. The World Bank’s innovation and experience in capital markets are key to working with our member countries to increase digitalisation to boost productivity in their economies and accelerate progress. towards the Sustainable Development Goals. ”
CommBank’s Blockchain Center of Excellence built and developed the blockchain platform. In a press release last week, Sophie Gilder, head of blockchain and AI at CommBank, commented: “The CBA now has tangible proof from our first bond offering using technology. blockchain and bond management, secondary trading and faucet issuance through the same platform, that blockchain technology can bring a new level of efficiency, transparency and risk management compared to existing market infrastructure”.
As noted by James Wall, Commonwealth Bank’s International Managing Director, “The Faucet is an important milestone in demonstrating an issuer’s ability to manage the full lifecycle of capital markets needs. . It’s also an important step forward for the platform to bring in additional participants and showcase the broader potential of Bond-I as a capital market platform. “
This successful hit by the World Bank expands market participation with the Bond-i platform, bringing together new market participants and existing investor communities. This further builds on the success of the platform and helps capital markets leverage blockchain technology to process transactions quickly, efficiently, transparently and securely.
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