An international financial institution called International Bank for Reconstruction and Development aka World Bank has made a partnership with an Australian multinational bank called Commonwealth Bank of Australia (CBA). The main purpose of the partnership is to enable the recording of a secondary bond trading on blockchain technology.
It is unveiled that a secondary market trading is carried out successfully. The secondary market trading is for a new debt instrument called bond-i. It is recorded on the blockchain. Huge potential for the improvement of securities trading coordination and management on the blockchain is illustrated through the secondary market trading. A verified & permanent record and instant reconciliation were delivered.
The sole arranger for bond-i was CBA. CBA Blockchain Centre of Excellence has developed bond-i. It is located in the Sydney Innovation Lab.
In 2018, the new debt instrument bond-i is issued by World Bank. Harnessing disruptive technologies potential for development is a purpose of the bond-i project. King & Wood Mallesons is a Law firm who has advised the i-bond project. The bond-i project is expanding and improving constantly. Foundation investors and other capital market partners provided inputs and feedbacks which benefited the bond-i project.