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Home Latest News Business $3 billion blockchain bond sale has been delayed pending further notice

$3 billion blockchain bond sale has been delayed pending further notice

As reported by cointelegraph on Nov.16., the listing of China Construction Bank’s blockchain-based debt issuance bonds has been delayed “at the request of the issuer” pending further notice, according to a Nov. 13 statement from the Fusang exchange.

A block-explorer scan of the smart-contract address affiliated with the sale shows no transactions, implying that the sale and issuance of the bonds has also been delayed.

It planned to raise up to $3 billion in total through the bond issuance, with an initial tranche of $58 million due to launch for live trading on Nov. 13.

The bonds were set to be issued as digital assets on the Ethereum blockchain through an offshore branch of CCB on the small island of Labuan, Malaysia.

The digital tokens were to sell at a face value of $100 each, which enables both institutions and private investors to participate in the sale.

The Fusang exchange, where the bonds were due to be traded, is also regulated in Labuan, and supports cryptocurrency trading, which means that investors could have exchanged Bitcoin (BTC) for dollars in order to participate in the sale.

At the current stage, it is unknown when the sale will be rescheduled.

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