[ad_1]
China Construction Bank’s $ 3 billion blockchain bond was reportedly withdrawn following an initial delay.
Fusang Exchange, a Malaysian cryptocurrency exchange that was to be responsible for listing the bond, said it was pulled at the request of the issuer.
According to Reuters, on November 23, CCB’s Labuan branch informed Fusang Exchange on November 20 that the bond issuance would not continue.
The blockchain-based bond was to be issued by Longbond Ltd, a special platform designed solely to issue digital bonds and deposit the proceeds with CCB Labuan.
On November 13, the day the bond was due to trade, Fusang Exchange officially announced that the $ 3 billion blockchain bond had been delayed “at the request of the issuer.” According to the latest report, Fusang Exchange received a letter from CCB Labuan on behalf of Longbond postponing the listing.
As previously reported, CCB, one of the world’s largest banks, planned to raise up to $ 3 billion with the bond, with an initial tranche of $ 58 million at launch.
Initial reports suggested that since the bond would be tokenized and traded on a cryptocurrency exchange, interested buyers could trade Bitcoin (BTC) and other cryptocurrencies for the bond. This claim has since been challenged by CCB.
[ad_2]
Source link