China Construction Bank’s $3 Bln blockchain bond has been reportedly withdrawn following a primary delay.
Fusang Exchange, a Malaysian cryptocurrency exchange that was to be liable for listing the bond, added that it’s been withdrawn at the issuer’s request.
In line with Reuters on 23rd Nov., CCB’s branch in Labuan informed Fusang Exchange on 20th Nov. that the bond issuance wouldn’t proceed.
The blockchain-based bond was to be issued by Longbond Ltd, a special purpose platform designed solely to issue digital bonds as well as deposit the proceeds with CCB Labuan.
Earlier on 13th Nov., the day the bond had been due to be traded, Fusang Exchange officially revealed that the $3 Bln blockchain bond was delayed “at the request of the issuer.” consistent with the newest report, Fusang Exchange received a letter from CCB Labuan on behalf of Long bond postponing the listing.
As reported earlier, CCB, one of the leading banks within the world, planned to boost up to $3 Bln with the bond, with an initial tranche of $58 Mln at the launching.
The initial reports suggested that, since the bond would be tokenized and traded on a crypto exchange, interested buyers might trade Bitcoin [BTC] and other crypto assets for the bond. This claim was since disputed by CCB.