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Last week, the World Bank announced that $33 million were raised for its Kangaroo bond. The bond is due August 2020 and all the funds were via blockchain technology.

According to the World Bank, this is the first bond in the world that has been entirely created, transferred, allocated and managed entirely by disturbed ledger technology (DLT).

The report highlights that the initiative expands the bank’s Bond-I blockchain platform by combining 3 joint lead managers, the Commonwealth Bank of Australia (CBA), RBC Capital Markets and TD Securities.

The World Bank is not short on investors

The initiative has also seen participation by new investors such as one large offshore investor and the additional support provided by TCorp.

The World Bank manded CBA as an arranger for the bond last year. This resulted in raising over $74 million. Earlier this year, the World Bank and CBA enabled on-chain secondary bond trading with TD taking the role of a market maker.

By doing so, this became the first bond whose issuance and trading are recorded via DLT.

This is a very important step for the development of DLT. It’s also a very big step for the platform to bring on additional participants and demonstrate the growing potential of Bond-I as a capital markets platform.”

According to the report, the bond platform allows faster, more efficient and incredibly more secure transactions. It’s also a part of a bigger initiative which aims to develop and grow the use of DLT by the World Bank.

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About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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