Banco Bilbao Vizcaya Argentaria (BBVA), one of the largest banks in Spain, has implemented a syndicated lending process using Blockchain technology. As reported by Finechraft news agency on November 7, the loan amount was $ 150 million.
The transaction took place on the basis of a private Blockchain-network and with the participation of a group of banks, which included BNP Paribas, Mitsubishi UFJ Financial Group (MUFG) and BBVA.
As the sole underwriter, BBVA also partially attracted the Spanish company Red Eléctrica de España and two legal advisers who are employees of the American law firms Linklaters and Herbert Smith Freehill.
The signing of the syndicated lending contract took place on the basis of Ethereum (ETH) Blockchain, while each previous stage was recorded on the Hyperledger network. The fact that the signatures of all parties to the contract were entered into the Blockchain-network as unique identifiers of documents, ensures that all data and conditions of the contract will not be altered or falsified.
Head of Global Finance at BBVA, Ricardo Layseka, noted that the active work of the bank with Blockchain-based solutions and products is based on the fact that the bank strives to provide its customers with the “most innovative financial solutions”.
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