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China Construction Bank delays sale of Blockchain bonds

According to a Nov. 13 statement from the Fusang Stock Exchange. The listing of the Blockchain bonds of China Construction Bank, has been delayed “at the request of the issuer” until further notice.

To remember, the CCB planned to raise up to $ 3 billion in total. Specifically, through the issuance of bonds, with an initial tranche of $ 58 million. Which would be launched for live operations, on November 13.

In fact, a block explorer scan of the address of the smart contract associated with the sale shows no transactions. As a consequence, the sale and issuance of Blockchain bonds has also been delayed.

Blockchain bond sale delayed

Indeed, Fusang is a Malaysian digital securities trading platform. And it revealed in a short post that Longbond SR Notes USD’s February 2021 listing will be “delayed until further notice.”

Thus, the publication came just days after a partnership between China Construction Bank, and Fusang, was announced. To sell Blockchain bonds, worth $ 3 billion.

Specifically, the delay came when the Securities Times of China reported that the Labuan branch of China Construction Bank said it had no direct relationship with the issuer of the bond and was only a sponsor.

As a fun fact, Fusang reportedly revealed that he is “not at liberty to share any information.”

Longbond Ltd

Basically, Longbond Ltd was created to issue the bonds, with a maturity date of February next year. The bond would be tokenized on the Ethereum network and was scheduled to begin trading on November 13 against BTC and the US dollar. Through an overseas branch of CCB on the small island of Labuan, Malaysia.

In fact, the Blockchain bonds were to be sold at a face value of $ 100 each and would have a term of three months. This would allow both institutions and private investors to participate in the sale.

What was the CCB’s plan?

In this regard, CCB is one of the four most important banks in the country. Or also called “big four”. Very importantly, it is ranked as the second largest bank in the world, by market capitalization.

Indeed, China Construction Bank (CCB) had partnered with Hong Kong-based fintech company Fusang to launch the Blockchain-based initiative.

The bonds could be purchased with US dollars or through Bitcoin (BTC). Therefore, investors who wanted to buy with cryptocurrencies, should carry out their operation from the Fusang Exchange.

The bank’s plan was to raise up to $ 3 billion in total, starting with a $ 58 million tranche, from individuals and institutions. But, unfortunately the sale was postponed.

To conclude, it is unclear whether China Construction Bank’s Blockchain bond sale will be rescheduled or not.

I say goodbye with this phrase from Thomas Edison: “The greatest weakness of a person is to surrender. The surest way to get lucky is to try one more time. “

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