The International Bank for Reconstruction and Development (IBRD), or the World Bank, is going to settle a blockchain-based bond worth A$100 million (US$73.16) million on August 28, Reuters reported.

Earlier this month, the World Bank announced that it has mandated Commonwealth Bank of Australia (CBA) as the sole arranger of the first bond globally to be created, allocated, transferred and managed through its lifecycle using distributed ledger technology (DLT). CBA and World Bank said that they were using a private Ethereum blockchain for the project.

CBA told Reuters that the two-year bonds had priced to yield 2.251 percent. It has set the price at 23 basis points above benchmark rates.

The $AUD Kangaroo bond – “bond-i”, a blockchain operated new debt instrument – is being regarded as the first step towards enhancing the efficiency of bond sales practices. It has been developed with the support and input from Northern Trust, QBE and Treasury Corporation of Victoria.

CBA said the World Bank bond would be the first ever to use blockchain technology end-to-end to raise capital from public investors.