News BBVA and EIB sign €1bn synthetic securitisation on blockchain...

BBVA and EIB sign €1bn synthetic securitisation on blockchain – FinTech Futures

-

- Advertisment -

BBVA and the European Investment Bank Group (EIB) have signed a synthetic securitisation of €1 billion on blockchain.

BBVA and EIB sign €1bn synthetic securitisation on blockchain – FinTech FuturesThe agreement is the first of its kind in the European Union and the third synthetic corporate loan securitisation signed by EIB and BBVA.

The DLT platform developed by BBVA was used to negotiate this agreement, from the origination to the signing, and also ensures “traceability and immutability”, so making the documentation process “safer and more transparent”.

All the negotiation was recorded on the private blockchain Hyperledger, while a hash or unique identifier of the signed agreement were recorded on the public blockchain Ethereum (testnet).

BBVA and EIB Group will also provide €360 million to finance investments projects of Spanish SMEs and midcaps, for which the EIB Group, formed by the European Investment Bank and European Investment Fund (EIF), have granted BBVA a €60 million synthetic guarantee.

The agreement got support from the European Fund for Strategic Investments (EFSI). BBVA says EFSI’s support increases the EIB Group’s capacity to finance investment projects with a higher risk profile.

In November 2017, EIB and BBVA provided €300 million to finance the digitalisation of small Spanish businesses; in June 2016, they launched a €600 million credit line; and in 2015, they approved a €1 billion credit line to help SMEs.

This synthetic development is another chapter in BBVA’s blockchain progress.

Last week, BBVA and Porsche Holding Salzburg closed the “first” acquisition term loan using the technology.

Prior to that, BBVA and Santander got 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.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

GoCrypto presents truly contactless payments with a simple solution for merchants and buyers

7 April 2020 — The recent events have rapidly changed the way we live, including our shopping...

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly paying attention to cryptocurrencies as a possible payment tool. Several...

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...
- Advertisement -BBVA and EIB sign €1bn synthetic securitisation on blockchain – FinTech Futures

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you