Categories: Ethereum

World Bank Picks Australia’s CBA to Deliver ‘World’s First Blockchain Bond’ on Ethereum


The Commonwealth Bank of Australia (CBA), the country’s largest bank, has won a mandate from the World Bank to become the sole arranger of a bond exclusively created and managed on a blockchain.

Dubbed ‘bond-I’ – Blockchain Offered New Debt Instrument- with a nod to Australia’s famous Bondi beach, the pioneering issue will be the ‘first bond globally to be created, allocated, transferred and managed using blockchain technology”, the World Bank said in a press release on Friday.

Following its launch, the bond will be issued and managed on a private The private Ethereum blockchain will be co-operated by the World Bank in Washington, U.S.

World Bank Group chief information officer Denis Robitaille stated:

“Helping countries transition to technology-led development is key to our goals of reducing poverty and promoting lasting development…[T]his pioneering bond is a milestone in our efforts to learn how we can advise our client countries on the opportunities and risk that disruptive technologies offer.”

Other participants involved in the development of the blockchain bond will include the Victoria state’s Treasury, asset manager giant Northern Trust and QBE, Australia’s largest global insurer.

As reported in January 2017, the CBA has experience in creating a blockchain bond powered by smart contracts after trialing a ‘cryptobond’ prototype for the Queensland Treasury Corporation.

Featured image from Shutterstock.

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