BBVA and Red Electrica Corporation have delivered a syndicated loan using its Hyperledger blockchain.

The €150 million deal, granted by BBVA, BNP Paribas and MUFG, was reached using BBVA’s proprietary blockchain-powered platform.

According to the bank, this is the first time a real-life deal has actually been done – where the whole facility’s negotiation process was closed over the blockchain network.

BBVA says that by using blockchain, it aims to deliver a better client experience, automate the process for ease and minimise operational risk.

The arrangement, which naturally took place over a private blockchain network, included six participants: Red Eléctrica Corporación, BBVA as sole bookrunner; BNP Paribas and MUFG; and the two legal advisors, Linklaters and Herbert Smith Freehills.


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