Major Banks Sign Up for New EU Commission Blockchain App Association

The European Commission, the EU’s executive body, is launching a new blockchain association next year and major banks are already on board.

Spanish banking giant BBVA (MC:BBVA) announced Tuesday that it and four other banks have joined the EC’s planned International Association for Trusted Blockchain Applications (IATBA), which could be a legal entity as early as first quarter of 2019. While the remaining banks were not named in official announcements, some sources say Santander (MC:SAN) is also one of the group.

The initiative was announced at a recent EU blockchain roundtable event called “Bringing industries together for Europe to lead in blockchain technologies,” held on Nov. 20 in Brussels, Belgium.

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