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World Bank, Commonwealth Bank of Australia to organize Ethereum blockchain bond

Monday 13 August 2018 11:58 CET | News

The World Bank has chosen the Commonwealth Bank of Australia to help organize a new Ethereum blockchain bond denominated in Australian dollars.

The World Bank has chosen the Commonwealth Bank of Australia (CBA) to become the sole arranger of a new blockchain bond that will be issued on Ethereum. Both entities are set to launch the bond after consulting with investors. The bond is projected to raise between USD 50-USD 100 million, and proceeds will go towards sustainable development initiatives.

The infrastructure is currently set to run on Microsoft Azure’s cloud platform. Microsoft also carried out an independent review of CBA’s blockchain platform to assess the functionality and security.

The new bond will officially be classified as a “bond-I” (Blockchain Offered New Debt Instrument.) Money raised from the new blockchain bond will go towards endeavors tied to the World Bank’s Reconstruction and Development division.

Additional collaborators for the project include Northern Trust, QBE, and the Treasury Corporation of Victoria. Legal firm King & Wood Mallesons also advised on the legal framework for the bond issuance and acted as deal counselor.


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Keywords: World Bank, Commonwealth Bank of Australia, Ethereum, blockchain
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