Earlier this month, the World Bank announced their first "blockchain bond" or bond.I easily increased A $ 110 million.
Arunma Oteh, treasurer of the World Bank, said he was pleased that the "pioneer bond transaction" was well received by investors. The bot was issued using a blockchain platform developed by the CBA Blockchain Center of Excellence (CBA – Commonwealth Bank of Australia).
"We are particularly impressed by the interest of official institutions, fund managers and banks, and we were undoubtedly successful in switching from concept to reality because these high quality investors understood the value of using technology for innovation in capital markets," Oteh said. "Our meticulous work, in the past year and in collaboration with Commonwealth Bank of Australia, was just as important for the success of the transaction, as well as our other service providers, King & Wood Mallesons, IHS Markit, Microsoft and Toronto Dominion Securities."
After the announcement was announced, the World Bank launched a two-week consultation that indicated strong acceptance of the security of distributed ledger technology. The band would be part of a larger strategic focus on the World Bank to use disruptive technologies. In June 2017, the World Bank launched a Blockchain Innovation Lab to better understand the potential impact of technology.
Investors in the bond are CBA, First State Super, NSW Treasury Corporation, Northern Trust, QBE, SAFA and Treasury Corporation of Victoria.
CBA and the World Bank expect to continue to welcome the interest of investors in the bond throughout the entire life cycle.
James Wall, Executive General Manager of IB & M International, CBA said that the interest in the blockchain bond was "overwhelming".
"It is clear that the market is ready and open for the acceptance of emerging technologies and sees the potential evolution of the capital markets.It was a pleasure to work on such a groundbreaking transaction with a progressive organization like the World Bank," Wall added.
Derek Yung, Chief Operating Officer – Group Investments, QBE Insurance Group Limited, welcomed the opportunity to invest in the world's first global blockchain bond issuance. & # 39;
"QBE is trying to collaborate with innovative partners, and the CBA together with the World Bank are at the forefront of issuing bonds with this groundbreaking blockchain platform, and we believe there is an untapped potential for the application of this product to capital markets and are pleased to be involved as an early investor. "
The World Bank says it spends between $ 50 and $ 60 billion a year for sustainable development.
"We welcome the huge interest generated by this transaction by various stakeholders and will continue to look for ways to use emerging technologies to make capital markets safer and more efficient," added Oteh.
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