The World Bank to issue blockchain bond
The World Bank, an international financial institution, is launching a global blockchain bond. The bank partnered with the Commonwealth Bank of Australia to manage the bond, which is expected to raise $73 million, according to a report by CNN Tech.
The World Bank believes the blockchain can help speed up the bond issuing process, since it cuts out all of the physical paperwork. It is referring to the bond by the name, "Blockchain Offered New Debt Instrument" or "bond-I" in reference to Sydney, Australia's Bondi Beach.
"The potential of this is that it could be a revolution for the capital markets," Commonwealth Bank Senior Institutional Banking Executive James Wall said in the report.