Despite its contemporary challenges, Torres said that the advantages of blockchain technology are so important to their business, that “when it is mature and regulators are ready,” BBVA wants to have the tools necessary to apply the technology to relevant use cases, such as syndicated loans.
Banco Bilbao Vizcaya Argentaria (BBVA) is a northern Spanish bank founded in Bilbao in the late 19th century. According to an Economipedia report, BBVA was Spain’s second largest bank by assets and capitalization in 2017.
In April, BBVA became the first global bank to issue a loan using blockchain technology. BBVA conducted the entire process of a €75 million loan, from the negotiation of terms to signing, on a distributed ledger.
Issuing the loan using blockchain technology reportedly cut the time needed to complete the process from “days to hours.” At the time, Torres said that the bank had “several more transactions in the immediate pipeline,” and that BBVA would be launching a pilot program with Spanish telecoms firm Indra. Indra has described itself as “at the vanguard” of blockchain applications.