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Spanish Bank BBVA Issued a $40 Million Green Bond Based on Blockchain Platform
Summary: According to a press release issued by Banco Bilbao Vizcaya Argentaria (BBVA), the second largest bank in Spain, they announced the launch of the first blockchain-backed structured green bond platform. BBVA has completed a deal with Mapfre, a Spanish insurance company, which has invested €35 million (about $40 million) to fund sustainable products, according to ...
According to a press release issued by Banco Bilbao Vizcaya Argentaria (BBVA), the second largest bank in Spain, they announced the launch of the first blockchain-backed structured green bond platform.
BBVA has completed a deal with Mapfre, a Spanish insurance company, which has invested €35 million (about $40 million) to fund sustainable products, according to the press release. In order to complete the deal, BBVA has" issued the first structured green bond using blockchain technology to negotiate terms and conditions".
Within the framework of sustainable development goals, these funds have been earmarked for research and development of green projects. Juan Garat, BBVA's head of global sales, pointed to the company's focus on innovative sustainable solutions, adding: “Using DLT — distributed ledger technology — for this transaction allowed us to simplify the processes and streamline the negotiation time frames.”
Back in April, BBVA became the first global bank using blockchain technology to issue loans. The Spanish multinational bank said DLT could help to manage the entire lending process, whether negotiating terms or signing, and can keep both the bank and the borrower informed about the progress of the loan.
According to Cointelegraph reports on November 22, BBVA and Banco Santander joined the European Union International Association of Trusted Blockchain Applications, which aims to develop the E.U.’s blockchain regulatory system and prepare to launch the E.U.-wide blockchain applications.
Image: pexels.com
Author: Max Li
Tags: applications,BBVA,Blockchain,distributed ledger technology,DLT,E.U.,green bond,Platform,Santander,Spain,sustainability
Link: Spanish Bank BBVA Issued a $40 Million Green Bond Based on Blockchain Platform [Copy]
