RATE Group | BBVA Registers $91 Million Loan on the Public Ethereum Blockchain
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BBVA Registers $91 Million Loan on the Public Ethereum Blockchain

26 Apr BBVA Registers $91 Million Loan on the Public Ethereum Blockchain

Posted at 20:46h in Ethereum News by

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Spanish banking giant BBVA is laying claim to be the first global bank to issue a loan using blockchain technology by completing a pilot of the entire issuance process on not one, but two blockchains.

As Spain’s second-biggest lender, BBVA has been exploring and launching blockchain applications in core banking processes and has now successfully completed a pilot involving the entire process of issuing a €75m ($91 million) corporate loan on two differing blockchains, the Financial Times reported Thursday.

The use of blockchain technology cut down loan negotiation time from “days to hours”, BBVA said. Notably, the bank revealed the use of a private blockchain for the negotiation and completion of the loan before registering it as a completed contract on the public Ethereum blockchain for immutability.

BBVA underlined the successful pilot as a “significant advance in the exploitation of…

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