BBVA and Porsche Holding Salzburg have closed the "first" acquisition term loan using blockchain technology.
€ 150 million term loan backing acquisitions in the retail distribution network in Europe and Asia.
BBVA says: "This is not only the first acquisition of a loan, but a Porsche holding is also the first non-Spanish borrower using this technology for the negotiation and closing of a corporate loan. This pilot used the platform developed by BBVA based on distributed ledger technology (DLT). "
According to the bank, the blockchain offers a better client experience by automating the negotiation process and minimizing operational risks.
In its view, the speed of execution is essential to the success of acquisition finance transactions.
BBVA's great interest in blockchain.
A recent example of BBVA and Santander is getting involved in the European Commission's planned launch of the International Association for Trusted Blockchain Applications (IATBA) next year
In addition, BBVA delivered the first syndicated loan on the technology; and joined a pilot test for improved issuing of warrants.