Spain’s second-largest bank, BBVA, has aggressively frozen up to 5,000 accounts without warning. Many of the accounts belonged to Chinese clients, leading to cries of racism. The bank, however, claims it was acting on Spanish anti-money laundering rules. Spain's second-largest bank has apologized after hundreds of Chinese customers accused the group of racism for freezing their bank accounts...
Prestige car-maker Porsche has arranged a loan to back its proposed strategic acquisitions using Spanish-bank BBVA’s ever-developing distributed ledger technology (DLT) platform. The loan, valued at €150 million (the equivalent of nearly $170 million USD) is, says a press release from BBVA: “The first acquisition term loan ever arranged through blockchain technology.” Acquisition term loans are...
The EU is in the process of establishing a blockchain forum and has invited at least five major banks including BBVA and Santander. The purpose of the IATBA (International Association for Trusted Blockchain Applications) is to “ develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy, cybersecurity, interoperability and...
Two European and one Japanese bank one have completed the first blockchain-based syndicated loan. Together with France’s BNP Paribas and Japan’s Mitsubishi UFJ Financial Group, Spain’s banking behemoth BBVA utilized a private blockchain network in arranging a syndicated loan amounting to US$150 million for grid operator Red Electrica. Initially reported by the Financial Times, legal advisers were...
Spanish banking giant BBVA is laying claim to be the first global bank to issue a loan using blockchain technology by completing a pilot of the entire issuance process on not one, but two blockchains. As Spain's second-biggest lender, BBVA has been exploring and launching blockchain applications in core banking processes and has now successfully completed a pilot involving the entire process of...
Bitcoin was introduced in 2009 as an alternative network to the global financial system monopolized by centralized institutions and strictly regulated financial service providers. By providing a peer to peer protocol wherein users can send and receive transactions with the absence of intermediaries, Bitcoin essentially became the first decentralized financial platform. Replicating or being...
Spanish banking giant BBVA executes a money transfer using Ripple’s blockchain technology to send real money between Spain and Mexico ‘in a matter of seconds.’ Spain’s second biggest lender (after Banco Santander) has laid claim to the ‘first real-time implementation of an international money transfer using San Francisco-based Ripple’s new distributed ledger’ or blockchain technology. In its...
The open-source Hyperledger Project's member ranks swells to 129 in total.