The World Bank Is About to Settle a Blockchain Bond Worth $73 Million

The World Bank is expected to settle its first blockchain-based bond worth $73 Million at the end of this month.

AccessTimeIconAug 23, 2018 at 9:30 a.m. UTC
Updated Aug 18, 2021 at 9:41 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The World Bank is expected to settle its first blockchain-based bond worth $73 million this month.

Australia's Commonwealth Bank (CommBank), which was selected as the sole arranger of the issuance by the World Bank early in August, said the bond is to be transacted on Aug. 28, as reported by Reuters on Thursday.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Engineered to bring a 2.2 percent return, the two-year bond – dubbed "Bondi" – is the first exploration by the World Bank into using blockchain as the supporting technology for automating the issuance process among multiple parties.

    As CoinDesk has reported, the platform to be used for the issuance was developed by CommBank's in-house blockchain lab and will use a distributed network to hopefully improve efficiency for bond transactions between sellers, buyers and banks.

    CommBank further claimed in today's report that the issuance will be the world's first to use blockchain to raise money from public investors, in contrast to similar ongoing projects that are tested in private markets.

    The deal will be made as part of the $50–$60 billion in bond sales every year issued by the World Bank in a bid to combat poverty and improve sustainability for worldwide markets.

    World flags via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.