BBVA Uses Blockchain for €150M Term Loan for VW’s Subsidiary Porsche Holding

Spain-based multinational bank BBVA (MC:BBVA) announced on Friday that it had used blockchain technology to negotiate and conduct a €150 million term loan for Porsche Holding Salzburg, a subsidiary of German carmaker Volkswagen (DE:VOWG_p) (VW). This is the latest transaction in a series of blockchain-based deals carried out by BBVA with corporate clients. Porsche Holding Salzburg is currently the largest car distributor in the European Union (EU). Note that the company is part of VW and is different from Stuttgart-based luxury carmaker Porsche.

Earlier, the banking giant arranged a €150 million syndicated loan for Spain’s national electricity grid operator Red Eléctrica Corporación. Elsewhere, BBVA used distributed ledger technology …

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