The Commonwealth Bank (CBA) has been chosen by the World Bank to solely arrange the $AUD Kangaroo bond, the world’s first bond to be created, allocated, transferred and managed using blockchain technology.
Once the Kangaroo bond, termed ‘bond-i’, launches, it will be issued and distributed on a blockchain platform operated by the banks in Washington and Sydney, which CBA’s head of blockchain said was a significant step towards revolutionising the financial services and markets.
Executive general manager of institutional banking and markets, international, at CBA, James Wall, said the bank took a collaborative approach to innovation, and believed this transaction would be “ground-breaking” as a demonstration of how blockchain technology can act as a facilitating platform for different participants.
The World Bank’s treasurer, Arunma Oteh, said given the transformative role of emerging technologies, the bank sought opportunities like this to meet investor and client needs.
“Helping countries transition to technology-led development is key to our goals of reducing poverty and promoting lasting development,” added World Bank group chief information officer, Denis Robitaille.