Today it was
announced that Porsche Holdings negotiated a €150 million term loan with BBVA using the Spanish Bank’s blockchain solution. The loan is for strategic acquisitions for Porsche’s auto distribution network. There are other blockchain loan platforms, but BBVA’s doesn’t just record the loan post-completion, it’s used during the negotiation process.
The aim is to speed up the process and make it more efficient. Additionally there’s full documentation tracking and negotiation transparency.
Frank Hoefnagels, Head of BBVA CIB in Germany, said: “This transaction is all about putting blockchain technology into meaningful practice in the interactions with our clients. Our aim is to improve clients’ experience by simplifying processes and enhancing the speed of execution. To be on a common path with our longstanding partner Porsche Holding makes us equally proud”.
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