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$3 billion blockchain bond is withdrawn, says Malaysian crypto exchange

China Construction Bank’s $3 billion blockchain bond has been withdrawn following an initial delay.

Fusang Exchange, a Malaysian cryptocurrency-focused exchange that was to be responsible for listing the bond, stated that it has been withdrawn at the issuer’s request.

According to Reuters on Nov. 23, the blockchain-based bond was to be issued by Longbond Ltd, a special purpose platform created solely to issue digital bonds and deposit the proceeds with CCB’s branch in Labuan.

FUSANG stated that on Nov. 13, the day the bond had been due to be traded, it had received a letter from CCB Labuan on behalf of Longbond postponing the listing, and on Nov. 20, was informed by CCB Labuan that the issuance would not proceed.

The bank did not give a reason for the suspension, FUSANG Chief Executive Henry Chong mentioned.

As reported by cointelegraph, CCB is one of the biggest banks in the world and planned to raise up to $3 billion with the bond, with an initial tranche of $58 million at launch.

At the beginning of this month, the bank said CCB Labuan was not the issuer of the bond, and that the branch did not accept Bitcoin.

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