Major Spanish Bank BBVA Closes €150 Mln Loan With Porsche Holding Using Blockchain

Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has closed a €150 million loan using blockchain technology with Porsche Holding, the largest car distributor in Europe. The news was reported by financial news site Finextra Dec. 14.

The transaction is reportedly BBVA’s first blockchain-based loans deal with a non-Spanish borrower. The bank has to date arranged several blockchain-based loans with Spanish corporate customers, including a syndicated loan of $150 million for partly state-owned Spanish national electrical grid operator Red Eléctrica de España (REE) in November, and a €100 million long-term bilateral corporate loan with Spanish engineering firm ACS.

Finextra reports that the Porsche Holdings deal uses the “same mix of private and public blockchain technology” BBVA used in its prior blockchain loan transactions.

Reference: https://cointelegraph.com/news/major-spanish-bank-bbva-closes-150-mln-loan-with-porsche-holding-using-blockchain

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