Banks Complete First Syndicated Loan on Blockchain
Syndicated loans have been identified as a key use case for blockchain and now we hear the first deal has been consummated. Yesterday, Spanish bank BBVA used a private blockchain network to arrange a $150 million syndicated loan for Red Electrica, the Spanish grid operator, with co-lenders MUFG of Japan and BNP Paribas of France. Once the contract was signed, it was given a unique identifier that was recorded on the Ethereum blockchain, preserving its authenticity. BBVA said that this would speed processing from two weeks to one or two days. Source.