After an earlier attempt, China Construction Bank has gone back to the drawing board with new partners and a new proof-of-concept for a blockchain-based bond.
China Construction Bank, the world’s second-largest bank by assets, is cooperating with Malaysian and Singaporean partners to test blockchain technology for use in the bond market.
As previously reported, China Construction Bank’s branch in Labuan, Malaysia, had initially pursued a partnership with a Labuan-based fintech firm to issue what was hailed as prospectively the first-ever blockchain-based digital security to be issued by a Chinese financial institution.
CCB Labuan’s plan had been to use the Ethereum blockchain to issue bonds and raise up to $3 billion in total, starting with a tranche of $58 million, from both individuals and institutions.
Within days of the announcement, however, the bond issuance was delayed until further notice, and trading of the first tranche, in the form of tokenized certificates of deposits, did not go ahead on the Labuan-regulated Fusang Exchange.
On Dec.