Spanish Bank Loans Money To Porsche Via Blockchain
Banco Bilbao Vizcaya Argentaria (BBVA), the second largest Spanish bank, has finalized a loan worth of €150 million using blockchain technology. Porsche Holding, the biggest car distributor in Europe, is the loanee.
Spaniards know that blockchain can be used in various enterprises. A few weeks ago, we reported that Nostrum, a popular Spanish restaurant&coffee chain, allowed its clients to pay for their food and coffee with Bitcoin.
The very first international loan
The news first came from Finextra’s report. According to the article, it is the BBVA’s first blockchain-based loans deal with a non-Spanish borrower. Earlier, the Spanish bank has loaned only to companies from its country.
In previous transactions, BBVA used a Hyperledger-based network to conduct the loan. Then, there were three funding banks (BBVA, BNP Paribas and MUFG) and two legal advisory firms involved. The document identifier for the signed contract was saved on Ethereum blockchain.
Frank Hoefnagels, head of BBVA CIB in Germany, said:
“This transaction is all about putting blockchain technology into meaningful practice in the interactions with our clients. Our aim is to improve clients’ experience by simplifying processes and enhancing the speed of execution.”
Earlier that year, BBVA claimed to be the very first global bank to conduct entire loan via blockchain.
On February, Porsche also started to test blockchain apps for its cars.
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