Blockchain bonds will now win the markets after the World Bank and the Commonwealth Bank of Australia officially partnered. Both of the banks according to the joint press release, aim to enable blockchain-based secondary market bond recording so we are about to find out more in our latest cryptocurrency news.
According to the press release, the project was performed on the Blockchain Operated New Debt Instrument which is an Ethereum-based blockchain platform. The platform was initially developed by CommBank’s Blockchain Centre of Excellence in Sydney’s Innovation Lab. The goal was to explore and build on the distributed ledger technology.
Just last year, the World Bank issued the bond-i which was created with the help of the blockchain technology. At the time CommBank was the only arranger of the bong. The project ended up providing a massive $81 million for the World Bank thanks to the contribution of the investors. Some of the investors include the Northern trust bank and the New South Wales Treasury Corporation.
The World Bank made about $50 billion during that time in yearly bond issuances each year to improve the global market sustainability. The blockchain bond was also further described as a milestone that can bring disrupting technologies into countries that have low development goals.
Per the coming altcoin news, the World Bank declared that the blockchain bond was launched and since then the bank got a lot of support from major financial players and also from the technology sector. Sophie Gilder who is the Head of Experimentation and Commercialization at the CommBank’s Innovation Labs pointed out:
“There is a growing recognition that blockchain technology can deliver a superior digital market for raising capital and then managing and trading securities, so we are working with our strategic partners to realize that vision. Blockchain has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight.”
The World Bank is aiming to find a deeper understanding of blockchain technology. At the start of this year, a report by the Financial Times revealed that the World Bank and the IMF will launch a private blockchain network in order to study the technology.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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