BBVA and the EIB sign $1.14 billion blockchain deal
03 de Enero, 2019
Tiempo estimado de lectura: 1 minuto
BBVA and the European Investment Bank Group (EIB) have signed a synthetic loan securitization worth €1 billion ($1.14 billion) on BBVA’s blockchain platform
This marks the first synthetic securitization in the European Union. All negotiation and signing was done on the blockchain platform, which ensures that all documentation is traceable and immutable, making the process more transparent for all parties.
Under the deal, the EIB has granted BBVA a €60 million ($68.5 million) synthetic guarantee, which will be used to provide up to €360 million ($399.3 million) to finance Spain-based small- and medium-sized businesses (SMBs). BBVA has been busy trialing new processes on its blockchain: In November, the bank processed a syndicated loan worth $150 million on its platform, and earlier in December, it facilitated a $150 million loan for Porsche. A network effect is of utter importance to build a successful blockchain platform, so working with a range of companies, across a variety of services, should help BBVA remain a successful player in the blockchain space.
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