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Banking giant BBVA first made a record of a $ 150 million loan to the Ethereum

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Banco Bilbao Vizcaya Argentaria (BBVA), a large Spanish bank, issued a $ 150 million syndicated loan to the local management company Red Electrica and recorded the transaction data on the blockchain. Reports about it Financial Times .

In particular, the user code and time stamps at each stage of the loan process were included in the distributed registry. Thus, all participants in the transaction – the Japanese Mitsubishi UFJ Financial Group and the French BNP Paribas – also acted as creditors – got access to the relevant information on the status of loan negotiations.

“The unique identifier of the signed contract was recorded in the Ethereum public blockchain, which guarantees its authenticity and immutability by third parties,” the bank representatives said.

Thanks to the blockchain, participants in the syndicated loan were able to abandon the costly exchange of information via fax and shorten the loan issuance period to a couple of days.

BBVA plans to implement several more pilot projects for issuing syndicated blockchain loans.

Recall that in April BBVA registered in the blockchain a loan to one of its corporate clients in the amount of 75 million euros.

In June, the bank together with the financial institution Banco Santander used the blockchain for operations with securities . It is noteworthy that in the same month, BBVA CEO Carlos Torres called the blockchain technology “immature” and having a number of serious problems.

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