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In Spain, issued the first loan using the blockchain

Blockchain accelerated the processing of the application.

27.Apr.18 1:55 AM
By Jeff Bannister


In Spain, issued the first loan using the blockchain
The Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) for the first time released an international credit using blockchain technology. The Financial Times reports this. The representative of the bank said that all the terms of the deal had been previously agreed with the client, so the application took only a few hours instead of days.

A loan of 75 million euros was issued by a commercial organization. BBVA highly appreciated the technology. According to Carlos Torres Vila, CEO of the bank, the blockchain is a vivid example of how technologies improve the quality of financial services. He noted that the technology would increase the security and transparency of payments and therefore will provide many advantages to commercial players. In his opinion, shortly the technology of blockchain will be actively introduced into the sphere of trade.

Carlos Torres Ville noted that the blockchain is well suited for corporate lending and international trade because these activities are involved in registration. Also, Banco Bilbao Vizcaya Argentaria is interested in cryptocurrencies and even acted as an investor for several start-ups.

Earlier in Dubai, launched a banking blockchain-platform, designed to fight by fraudulent fraud.

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