Spanish banking giant BBVA (MC:BBVA) has completed a pilot that put a syndicated loan for $150 million on the blockchain.

According to a report from the Financial Times on Wednesday, the bank arranged the loan for Red Electrica, Spain’s national electrical grid operator.

A syndicated loan is one, where a group of banks lends together to a single borrower. In this case, the BBVA’s co-lenders were Japan’s Mitsubishi UFJ Financial Group and France’s BNP Paribas (PA:BNPP).

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