World Bank has commissioned Commonwealth Bank to develop world’s first blockchain bond

The World Bank has mandated the Commonwealth Bank of Australia (CBA) to arrange the first blockchain bond in the world.

CBA will organise for the bond to be created, allocated, transferred and managed throughout its lifecycle.

“Today, we believe that emerging technologies, equally offer transformative, yet prudent possibilities for us to continue to innovate, respond to investor needs and strengthen markets,” stated Arunma Oteh, Treasurer at the Wold Bank.

“We are therefore delighted that after working with our information technology colleagues and the Commonwealth Bank of Australia over several months, that we are now in a position to launch our first blockchain bond transaction.”

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Our goal is to continue to harness innovation for the benefit of markets and our mission of ending poverty and boosting shared prosperity.”

The bond, which has been dubbed bond-i, has received strong interest from investors, the World Bank claims in a press release.

“We know blockchain has the potential to revolutionize financial services and markets, and this transaction is a significant step towards that future state,” remarked Sophie Gilder, Head of Blockchain at Innovation Labs at CBA.

“By working collaboratively with the World Bank, we were able to find solutions to technical and legal considerations to make this ground-breaking transaction a reality.”