BBVA completes loan using blockchain
The second largest bank in Spain successfully closed a loan of 150 million euros to Porsche Holding, the largest car dealer in Europe, using blockchain technology
The transaction represents the first opportunity in which BBVA completes a loan based on blockchain to a non-Spanish institution, after having made several transfers with corporate clients in the Iberian country.
The business with Porsche Holdings used the mix of a public blockchain with a private one that BBVA used in its previous loan transactions.
The loan is 150 million dollars to the energy company Red Eléctrica de España (REE) and one of 100 million euros to the engineering company ACS.
The REE loan has been made in a private network based on Hyperledger with the participation of three banks: BBVA, BNP Paribas and MUFG. REE, together with two legal consulting companies. The document was signed on the public network of ethereum (ETH).
L.Sáenz
Source: Coincrispy
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