World Bank raises $33M for blockchain 'Kangaroo' bond

The World Bank has raised $33 million from investors for its blockchain-based ‘Kangaroo’ bond, a foreign bond issued in Australia dollars by non-Australian organizations. The bank issued this bond using its Blockchain Offered New Debt Instrument(Bond-i for short after Sydney’s Bondi Beach) which helps reduces debt paperwork, according to a report by Yahoo Finance.

With this technology, banks can oversee investor bids in real time, settle investments instantly and makes the price-discovery process more transparent. The World Bank claims that this will help make it easier to raise funds for impoverished peoples.

Earlier this year, the World Bank also worked with the International Monetary Fund to launch the Learning Coin to teach its staff how cryptocurrency works, according to the report.

Topics: Bitcoin, Mobile Payments, Region: APAC, Venture Capital

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