World Bank selects Commonwealth Bank of Australia to issue the first distributed ledger bond on Ethereum network

  • August 10, 2018
  • 12:20 pm ET
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Image via @CommBank

The World Bank selected the Commonwealth Bank of Australia to release the first ever distributed ledger bond on the Ethereum network. The operation will be secured in Washington D.C. on Microsoft’s Azure cloud computing platform.

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Commonwealth Bank of Australia (CBA) has become the first bank in the world to issue a bond backed by and issued using distributed ledger technology.

The move is a huge one, as it was done under the direction of The World Bank.

The issuance is code-named bond-I (blockchain operated new debt instrument) and has reportedly received a decent amount of investor interest as part of the $50-$60 billion in bonds issued by the bank annually.

World Bank treasurer Arunma Oteh commended the move:

“Our sincere appreciation to our pioneer blockchain bond investors, who are partnering with us on this transaction because of our common desire to champion greater efficiency, and transparency as well as more robust issuance processes. Our goal is to continue to harness innovation for the benefit of markets and our mission of ending poverty and boosting shared prosperity.”

The Ethereum network will be used to issue and manage the bond on a special private sidechain managed by the World Bank in D.C. and the CBA in Sydney.

Additionally, the committee confirmed that Microsoft’s Azure cloud platform will be used to run the bond in Washington D.C.

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World Bank selects Commonwealth Bank of Australia to issue the first distributed ledger bond on Ethereum network
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