Bitcoin

Chinese banking giant removes $ 3 billion blockchain bond from listing

It has been reported that Construction Bank of China’s $ 3 billion blockchain bond was withdrawn after an initial delay.

Fusang Exchange, a Malaysian cryptocurrency exchange that should be responsible for listing the bond, said it was withdrawn at the request of the issuer.

According to Reuters on November 23 The Labuan branch of the CCB notified the Fusang Exchange on November 20 that the bond issue would not continue.

Chinese banking giant removes $ 3 billion blockchain bond from listing
Chinese banking giant removes $ 3 billion blockchain bond from listing

The blockchain-based bonus should be issued by Longbond Ltd. A special platform designed exclusively to issue digital bonds and deposit the proceeds in CCB Labuan.

On November 13th, the day the bond was supposed to start trading, Fusang Exchange officially announced that the $ 3 billion blockchain loan was delayed “at the request of the issuer”. According to the latest report, Fusang Exchange received a letter from CCB Labuan on Longbond’s behalf, postponing its listing.

As previously reported, CCB, one of the largest banks in the world, planned to borrow up to $ 3 billion on the bond, with an initial tranche of $ 58 million at launch.

Initial reports indicated that Since the bond would be tokened and traded on a crypto exchange, interested buyers could exchange Bitcoin (BTC) and other cryptocurrencies for the bond. This claim has since been denied by the CCB.

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