BLOCKCHAIN

WORLD BANK’S BLOCKCHAIN BOND RAISES $80 MILLION: The first public bond developed and managed on blockchain has raised A$110 million ($80 million), with participation from seven investors, per Commonwealth Bank of Australia (CBA). Investors in the bond include the American fund Northern Trust, three Australian state governments, and First State Super, a local pension fund, according to the CBA, chosen by the World Bank as the sole manager of the lead. Dubbed bond-i — or Blockchain Operated New Debt Instrument — the two-year bond, which has a 2.2% yield return, is the World Bank’s exploratory attempt into utilizing blockchain for bond sales. The World Bank, whose bonds are rated AAA, typically issues bonds of $50 billion and $60 billion per year as part of its mandate to back economic growth in developing countries. And this project could pave the way for a greater percentage of those issuances to be moved onto a blockchain. Developed in-house by the CBA’s blockchain lab, this venture is being viewed as the first step away from the existing manual bond issuing process to a more efficient and cheaper automated procedure. While these practical experiments are in the early stages, this is further evidence that blockchain’s transformative capacity is moving toward realization. The US Treasury bond market is worth $14.6 trillionalone, and this initial experiment could stimulate a significant revolution for the global bond sector.

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