expectations

WB’s blockchain success exceeds expectations

MNA Business Desk: The World Bank raised Aus$110 million ($80.9 million) in the first-ever blockchain bond offering following investor demand that exceeded expectations, the global lender announced.

The Washington-based bank, which has embraced blockchain as a valuable tool in its economic development mission, had initially expected to garner Aus$50 million ($36.8 million) for the two-year bond, with a possible doubling of that size depending on investor interest, reported news agency.

“I am delighted that this pioneer bond transaction using the distributed ledger technology, bond-i, was extremely well received by investors,” World Bank Treasurer Arunma Oteh said in a statement.

“We are particularly impressed with the breadth of interest from official institutions, fund managers, government institutions and banks.”

Blockchain is a digital public registry of transactions that has aroused considerable enthusiasm in financial and government circles over its potential to facilitate transactions and improve supply chains and product verification in myriad industries.

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