World Bank Raises $33 Million For Its Blockchain Platform
August 19, 2019 8:16 pm
According to the recent report, the World Bank has raised an additional $33 million for its Kangaroo Bond due for August 2020 using a blockchain. The bank stated that this is the first bond that has been created, allocated transferred and managed via its distributed ledger technology (DLT).
Various Banks Joins The Program
The plan intends to expand the World Bank’s Bond-i blockchain platform by collaborating with Commonwealth Bank of Australia (CBA), RBC Capital Markets and TD Securities (TD). The partnership also includes an offshore investor and the existing investor community including ongoing support and input from TCorp. In August 2018, the World Bank mandated CBA as an arranger for the bond which resulted in the raising of AUD$110 (over $74 million).
James Wall, Executive General Manager International at CBA said:
“The tap is an important milestone in demonstrating the full lifecycle management of an issuer’s capital markets needs. It is also a significant step for the platform bringing on additional participants and demonstrating the broader potential of Bond-i as a capital markets platform.”
The platform will allow fast, secure and efficient transactions. It is part of a broader initiative that aims to apply DLT by the World Bank.