The World Bank Treasury revealed last month plans to create the world's first ever global blockchain bond. To succeed in this historic endeavour, the organization mandated the services of the Commonwealth Bank of Australia (CBA).
Today we make history by creating the first global blockchain bond. The World Bank has mandated the Commonwealth Bank of Australia as the sole arranger for bond-i, the first global bond to use distributed ledger technology.
— The World Bank Treasury (@Treasury_WB) August 9, 2018
CBA will operate as the sole arranger of the groundbreaking transaction developed with the support of investor consultants that included Northern Trust, QBE and Treasury Corporation of Victoria. The bond will be used to help the World Bank raise as much as US $73 million for its development goals.
The bond has been named “Blockchain Offered New Debt Instrument” or “bond-i,” in reference to Sydney's Bondi Beach. The novel bond's blockchain platform was developed by CBA's Innovation Labs Blockchain Centre of Excellence, the team that last year tested Queensland Treasury Corp distributed ledger bond prototype.