CBA selected by World Bank to deliver first blockchain bond

Blockchain Australia’s Biggest Bank Launches World’s First Blockchain Bond With World Bank Prateek Dimri

Blockchain Australia’s Biggest Bank Launches World’s First Blockchain Bond With World Bank Prateek Dimri

The bond, known as bond-i (in reference to the famous beach I assume), or 'Blockchain Offered New Debt Instrument' will be the first of its kind to be made and managed using blockchain technology.

The CBA will be the sole arranger of the bond which will be "created, allocated, transferred and managed using blockchain technology" according to the press release this week.

James Wall, Executive General Manager of Institutional Banking & Markets International, CBA said that this project is a "groundbreaking demonstration" of the power of blockchain technology.

Earlier today, a report from Reuters stated that Commonwealth Bank of Australia [CBA], Australia's largest bank has been given a go-ahead from the World Bank to put in order a cutting-edge bond. According to CBA, the aim of Bond-I is to have key parties in a bond issuance process such as investors and banks nodes to participate in a distributed network, enabling more efficient transaction and capital raising process. CBA has further informed that the bond would welcome other blockchain technologies in the future times.

The announcement from CBA does not say when precisely the bond will be issued, it only states CBA is "in a position to launch our first blockchain bond transaction". This has been established by taking support from the investment community, along with QBE, Treasury Corporation of Victoria, and Northern Trust. The computing infrastructure will run on Microsoft's Azure cloud platform. An independent review has been conducted by Microsoft of the CBA blockchain architecture, security and resilience.

Search continues for US Marine reported overboard near Philippines
At the time, the Essex was "conducting routine operations in the Sulu Sea", according to the statement. Officials did not release the Marine's name, but said his or her family has been notified.

World Bank Treasurer Arunma Oteh said in a statement that the bank is continuing to "prudently seek opportunities for us to meet investor needs as well as the needs of our clients". Now that the World Bank Group has given CommBank this mandate, it's all systems go.

The World Bank, which has been issuing bonds since 1947, now allocates around $50-$60 million in debt instruments to help sustainable development projects in various countries.

The World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and other creditworthy countries to support the Sustainable Development Goals and to end extreme poverty and promote shared prosperity.

A woman walks past a Commonwealth Bank of Australia logo and ATM in Sydney, Australia, February 7, 2018.

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