The World Bank will start issuing bonds via blockchain
The World Bank has partnered with the Commonwealth Bank of Australia (CBA) to issue a bond over a private blockchain that was built on top of the Ethereum network, and then checked by Microsoft for its architecture, security, and resilience.
The Kangaroo bond, dubbed Blockchain Offered New Debt Instrument (bond-i), was also developed with support from the investor community, including Northern Trust, QBE, and the Treasury Corporation of Victoria. The CBA claims this is the first bond globally to be created, allocated, transferred, and managed using blockchain.
It will be operated by the World Bank in Washington, DC and the CBA in Sydney. The aim of bond-i is to reduce poverty and promote sustainable development, an area to which the World Bank commits up to $60 billion in bonds annually.
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