Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has announced the launch of the first blockchain-backed platform for structured green bonds. The news was announced in a press release published on Feb. 19. BBVA has closed the deal with Spanish insurance house Mapfre, which has invested 35 million euros (approximately $40 million) to finance sustainable products. To close this deal, BBVA has “issued the first structured green bond using blockchain technology to negotiate the terms and conditions,” the press release states. The press release underlines that the funds have been specified for the financing of green projects, under the umbrella …
European blockchain trading platform we.trade confirmed it had completed its first live operations today, July 3, involving twenty companies and five major banks. The blockchain platform, which claims to provide a “more efficient and cost effective way” for banks and businesses to trade worldwide, uses IBM’s Blockchain Platform, powered by Hyperledger Fabric. Part of various blockchain solutions currently under appraisal by the banking sector, the platform counts Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit as its founding members. Together, according to Dutch institution Rabobank, the collaboration highlights the banks’ ability to “innovate.” “These trade(s) represents …
Eight major European financial entities have announced they will work together on a blockchain tech project for recording the issuance of financial warrants, Spanish news outlet el Economista reports today, June 25. Spanish securities regulator the National Securities Market Commission (CNMV), along with major stock market operator BME, and banks Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have “successfully” completed a Proof-of-Concept, which they call Fast Track Listing. The system was created to register the issuance of warrants in under 48 hours, a process that usually takes more than a week, according to their statement also released today. …
Spain’s multinational banking giant Banco Santander has just redeemed a $20 million bond using the Ethereum blockchain. The firm has performed an early repayment of the blockchain-based bond that was issued on Sept.10, 2019, which purportedly shows that the public Ethereum blockchain can be applied to securities issuance across the full lifecycle of a security. “Debt security can be managed through its full lifecycle on a blockchain” John Whelan, head of Digital Investment Banking at Santander, tweeted on Dec. 10: “We just performed an early redemption of our blockchain-based bond that we issued on September 10th, 2019. This unequivocally proves …
Major Spanish bank Banco Santander has issued what it claims is the first end-to-end blockchain bond. In a Sept. 12 news release, the bank revealed that it had issued a $20 million bond directly onto the Ethereum (ETH) blockchain, where it will remain until the end of its one-year maturity. Faster, cheaper and simpler than legacy systems Santander has claimed that its use of blockchain technology for end-to-end bond issuance represents a first step towards a potential secondary market for mainstream security tokens. As the news release outlines, Santander issued the $20 million bond — which carries a quarterly coupon …