Investments

World Bank Lands $33M For Australian Blockchain Bond

The World Bank announced it has raised $33 million from investors for its blockchain-based “Kangaroo” bond, Bond-i.

The bond, which is due August 2020, is the first bond created, allocated, transferred and managed through its life-cycle using distributed ledger (blockchain) technology. It is issued in Australian dollars by non-Australian organizations, including governments, businesses, and financial institutions. It’s managed by the Commonwealth Bank of Australia (CBA), RBC Capital Markets (RBC) and TD Securities (TD).

Bond-i is part of a broader strategic focus of the World Bank to utilize the potential of disruptive technologies for its clients. Launched in 2017, the World Bank’s blockchain innovation lab is an innovation hub for poverty reduction projects across the world, developing opportunities to use blockchain and other disruptive technologies in areas including land administration, supply chain management, health, education, cross-border payments and carbon market trading.

“We are happy to see the continued, strong support and collaboration from investors and partners. The World Bank’s innovation and experience in the capital markets are key to working with our member countries to increase digitization, boost productivity in their economies and accelerate progress towards the Sustainable Development Goals,” Andrea Dore, World Bank Head of Funding, said in a press release.

“The tap is an important milestone in demonstrating the full life-cycle management of an issuer’s capital markets needs. It is also a significant step for the platform, bringing on additional participants and demonstrating the broader potential of Bond-i as a capital markets platform,” added James Wall, executive general manager international at Commonwealth Bank.

This isn’t World Bank’s only blockchain project. In April, it partnered with the International Monetary Fund (IMF) to launch a private blockchain and “quasi-cryptocurrency.”

The asset, “Learning Coin,” will be accessible only within the Washington-based multinational agencies. Since the coin has no monetary value, it’s not an actual cryptocurrency. Instead, the coin will be used to study the technologies used for crypto assets, and how they can be utilized in the real world. In addition, Learning Coin’s app will serve as a “hub for knowledge” where blogs, research, videos and presentations can be stored.

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