BBVA, Porsche Holding claim landmark blockchain-powered transaction

Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has closed a €150 million loan using blockchain technology with Porsche Holding Salzburg.

According to a press release issued by BBVA, “this is not only the first acquisition term loan ever arranged through blockchain technology, but Porsche Holding is also the first non-Spanish borrower using this technology for the negotiation and closing of a corporate loan”.

Frank Hoefnagels, Head of BBVA CIB in Germany, says: “This transaction is all about putting blockchain technology into meaningful practice in the interactions with our clients. Our aim is to improve clients’ experience by simplifying processes and enhancing the speed of execution. To be on a common path with our longstanding partner Porsche Holding makes us equally proud.”