World Bank’s Blockchain-Based Bonds

world first, the World Bank has ordered the creation of a blockchain-based bond through Australia’s Commonwealth Bank (CBA)

world’s most influential financial institutions to start leveraging blockchain technology to improve their offerings

World Bank, which is looking to use blockchain technology to improve the way it issues bonds around the world.

first bond issued through blockchain technology, it is not the first debt instrument. Spanish banking group BBVA signed a blockchain-based loan worth $117 million in July, hoping to take advantage of the transparency and traceability afforded by the contract. This came a few month after its first ‘ global corporate loan transaction’ in April

JPMorgan Chase CEO Jamie Dimon, who made it clear that his company will use blockchain technology for a number of projects. They’ve gone as far as filing patents for peer-to-peer, blockchain systems to facilitate payments between banks

Also US Federal Court Denies Motion to Remand Against Ripple,
U.S. District Court, Northern District of California has ruled to deny a motion to remand against Ripple, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse, according to an official document issued Aug. 10

first initiated by XRP investor Ryan Coffey in a San Francisco court on May 3, 2018, claiming that he lost $551.89 while trading XRP tokens. The class action was filed by law firm Taylor-Copeland, alleging that Ripple sold XRP tokens in violation of both the U.S. the Securities Act and the California Corporations Code. The plaintiff also claimed that XRP is not genuinely decentralized.

According to court documents, the plaintiff failed to show whether the presence of a Securities Act issue was sufficient to bar the defendant from removing an action under the Class Action Fairness Act. In the ruling the court found that, “The parties candidly admit that their research failed to turn up any case directly addressing this question and the court’s own research fared no better.”

The plaintiff was seeking a “rescission of all XRP purchases, damages, and a constructive trust over the proceeds of defendants’ alleged sales of XRP.”