Crypto Daily News: World Bank Prepping for Blockchain Bond and Facebook Exec Steps Down from Board at Coinbase

Crypto Daily News

In today’s edition of Crypto Daily News, we’ll cover the World Bank preparing to launch the world’s first blockchain bond and why Facebook executive David Marcus is stepping down from Coinbase.

Crypto Daily News: August 10th, 2018

World Bank Blockchain Bond

According to CNBC, The World Bank has just made a huge announcement in the crypto space: it has mandated the Commonwealth Bank of Australia to carry out the world’s first blockchain bond.

The bond will be called the ‘Kangaroo bond’ and it is referring to the foreign bonds that are issued in Australia in the local currency. According to the World Bank, the bond will be the first in the world to be created, transferred, and managed on the blockchain.

“Blockchain has the potential to streamline processes among numerous debt capital market intermediaries and agents. This can help simplify raising capital and trading securities; improve operational efficiencies; and enhance regulatory oversight,” a joint release from the two organizations said.

When launched, this Kangaroo bond will be issued and distributed on a blockchain platform operated by the CBA and World Bank.

David Marcus Steps Down from Coinbase

Wow. This is BIG news.

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Usually would expect this if there were an impending conflict of interest. FB foray into crypto is real and picking up steam. https://t.co/1tJ969AoiO

— Ryan Selkis (@twobitidiot) August 10, 2018

The crypto sphere is freaking out in a good way right now, as CoinDesk just announced that David Marcus, exec at Facebook, is stepping down from his board position at Coinbase. Usually, this news would be alarming, especially since it makes it seem like he doesn’t believe in the company.

However, this doesn’t appear to be the case this time around. Facebook has been exploring blockchain for quite some time and Marcus has been fronting the entire operation. The fact that Marcus has decided to step down likely means that Facebook is cooking up steam with its blockchain development.

One person on Twitter said:

same thing with the uber recusal

— Ryan Selkis (@twobitidiot) August 10, 2018

Business Insider today put out an article stating that Marcus has been in talks with the Stellar Foundation on seeing how Stellar’s platform could be integrated into Facebook.

It isn’t completely clear why he stepped down but crypto enthusiasts are thrilled.

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Source: cryptocurrencynews.com