August 24, 2022 |
The Inter-American Development Bank (IDB) said Tuesday that it underwrote the sale of blockchain bonds by Colombian bank Davivienda in the first deal of its kind in Latin America.
"The project lays the groundwork for promoting and encouraging the use of new technologies in finance for Colombia," the IDB said in a press release.
Davivienda used blockchain technology to register the COP110 million ($25,114) transaction, while IDB acquired the bonds through the LACChain blockchain network, IDB said
US-based development bank and Colombian lender test ways to bring down funding costs in the local market