Bank of China Issues $2.8B in Blockchain-Based Bonds
December 8th, 2019 – One of the four major commercial banks in China, Bank of China, announced in a statement on Friday that it has released 20 billion Yuan in blockchain-based bonds for small businesses that own blockchain platforms.
The Beijing-based bank also mentioned in the statement that it concluded pricing and bond issuance for the first period this week. The two-year bond will come with a 3.25% coupon rate and is aimed at raising funds to support small and micro-sized businesses.
The state-owned bank used its own blockchain network to give out digital certificates of ownership, create underwriter groups and record proof of transactions.
China seeks to prop up its entrepreneurs by providing efficient access to capital through bond issuance. The bank said that it had lent 404 billion Yuan to more than 410,000 small and micro-sized enterprises by the month of September.
Written by Chainbulletin
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