Categories: Bitcoin Business

World Bank picks up millions in latest blockchain bond move

Click here to view original web page at coingeek.com

In August of last year, the World Bank and the Commonwealth Bank of Australia (CBA) announced a new bond alternative that makes use of a blockchain to handle the transfer of funds. The Kangaroo bond, or bond-i, was completely transacted using distributed ledger technology (DLT) and the transaction was the first bond to be issued, designated, managed and sold on a blockchain. It was also responsible for opening the global financial community’s eyes to the benefits of the technology and the World Bank has proven that it wasn’t just a fluke. The institution raised another U.S. $33.8 million last week through the Kangaroo bond.

According to a press release from last Friday, “In August 2018, CBA was mandated by the World Bank as arranger for the bond and following a two-week consultation period with the market, the two-year bond raised A$110 million. In May 2019, CBA and the World Bank, with TD [TD Securities] acting as market maker, added additional capability to the platform by enabling Secondary Bond Trading recorded on Blockchain making this the first bond whose issuance and trading are recorded using distributed ledger technologies.”

To say that the facilitation of the bonds using blockchain technology is a huge step forward would be an understatement. Never before has any cross-border financial transaction of any type been able to be conducted as quickly, cheaply or efficiently as the World Bank’s Kangaroo bond have been completed. The organization’s head of funding, Andrea Dore, explains, “We are happy to see the continued, strong support and collaboration from investors and partners. The World Bank’s innovation and experience in the capital markets is key to working with our member countries to increase digitization to boost productivity in their economies and accelerate progress towards the Sustainable Development Goals.”

CBA agrees. Its head of blockchain and artificial intelligence, Sophie Gilder, adds, “CBA now has tangible evidence from our first bond offering using blockchain technology and subsequent bond management, secondary trading and tap issue via the same platform, that blockchain technology can deliver a new level of efficiency, transparency and risk management capability versus the existing market infrastructure. Next we intend to deliver additional functionality to deliver greater efficiencies in settlement, custody and regulatory compliance.”

As more entities across the globe continue to better their understanding of blockchain and cryptocurrencies, there will be an even greater shift away from conventional payment channels to blockchain alternatives. Given the advances seen in just two years – since crypto really found mainstream acknowledgment – the progress already seen has been incredible and more is on the way.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Chart Forecast: BTCUSD Awaits Pennant Breakout

Bitcoin Price Forecast: A series of lower highs and slightly higher lows has formed a pennant pattern Regardless of direction,… Read More

2 hours ago

Billionaire Blackstone CEO Heaped Praise On Blockchain—But Made A Bitcoin Warning

Bitcoin has won over many from the traditional finance industry , but far more of the investment old guard remain… Read More

2 hours ago

Early Ethereum advisor charged with extortion and arrested

The accused, Steven Nerayoff, violated the agreement made with a blockchain firm. If found guilty, Nerayoff and his associate Michael… Read More

2 hours ago

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

8 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

8 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More