BBVA Bank Settles $170M Syndicated Loan with Blockchain

Spain’s multinational bank BBVA (MC:BBVA) claims that it successfully settled a 150 million euro ($171 million) syndicated loan by means of blockchain technology. The deal was a live transaction, not a trial, BBVA said in a press release on Wednesday, adding that its distributed ledger technology-based proprietary platform is now fully operational.

Syndicated loans are financial instruments that require two or more lenders to accept the size and risk related to them. In that case, BBVA was negotiating with France’s BNP Paribas (PA:BNPP) and Japan’s MUFG banks to lend 150 million euro to the operator of Spain’s national grid, the Red Elec…

This article appeared first on Cryptovest

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Hayden P.

A blockchain and cryptocurrency enthusiast

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