The World Bank is expected to pay off its first blockchain bond worth $ 73 million this month
Australia Commonwealth Bank (CommBank), which has been selected as the only arranger of the World Bank issue to 39, beginning of August, said the bond will be negotiated on August 28, as reported by Reuters Thursday
Designed to bring a yield of 2.2%, the two-year bond – dubbed "Bondi" – is the first exploration of the World Bank in using the blockchain as a support technology to automate the issue process between multiple parties.
As reported by CoinDesk, the platform to be used for the issue was developed by the internal blockchain lab of CommBank and will use a distributed network to improve the efficiency of bond transactions between sellers, buyers and banks. .
CommBank also stated in today's report that the issue will be the first in the world to use the blockchain to raise money from public investors, in contrast to similar ongoing projects that are tested in private markets.
The agreement will be made as part of the $ 50- $ 60 billion bond sales annually issued by the World Bank in an effort to combat poverty and improve sustainability for world markets.
Image of the World Bank Group via Victorgrigas / Wikipedia