China Construction Bank’s $ 3 billion blockchain bond has reportedly been withdrawn after an initial delay.
Fusang Exchange, a Malaysian cryptocurrency exchange supposed to be responsible for listing the bond, said it was withdrawn at the request of the issuer.
According to Reuters, the CCB Labuan office on Nov. 23 announced to the Fusang Exchange on Nov. 20 that the bond issue would not proceed.
The blockchain-based bond was to be issued by Longbond Ltd, a dedicated platform designed solely to issue digital bonds and deposit the proceeds with CCB Labuan.
On November 13, the day the bond was scheduled to start trading, Fusang Exchange officially announced that the $ 3 billion blockchain bond had been delayed “at the request of the issuer.” According to the latest report, Fusang Exchange received a letter on behalf of Longbond from CCB Labuan postponing its listing.
As previously reported, CCB, one of the largest banks in the world, planned to borrow up to $ 3 billion with the bond, with an initial tranche of $ 58 million to launch.
Initial reports indicated that interested buyers could exchange Bitcoin (BTC) and other cryptocurrencies for the bond, as the bond would be tokenized and traded on a cryptocurrency exchange. This claim has since been denied by CCB.