Major Spanish bank BBVA raises €35 million for ‘green bond’ blockchain platform

Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), is launching a blockchain-based platform for structured green bonds, according to a press release.

BBVA has partnered with Spanish insurance house Mapfre to finance sustainable products, with €35 million being raised by Mapfre.

The press release states that BBVA has “issued the first structured green bond using blockchain technology to negotiate the terms and conditions.”

The move is part of a BBVA initiative to launch sustainable projects to meet its green development goals.

Juan Garat, BBVA’s head of global sales, states: “With this deal, BBVA reasserts its firm commitment to both sustainable financing and new technologies. Using DLT – distributed ledger technology – for this transaction allowed us to simplify the processes and streamline the negotiation time frames, which is in line with our pursuit of excellence in customer service.”

The fact that a major European bank is adopting blockchain technology to facilitate deals of this nature demonstrates a change in tone from the banking institutions.

The move ties in with JP Morgan’s decision to launch its own cryptocurrency and blockchain project, underpinned by the controversial JPM Coin.

Mapfre’s chief investment officer, José Luis Jiménez, is quoted in the press release discussing the importance of the green bond, stating that it “contributes to the diversification of Mapfre’s investment portfolio, and it does so with an innovative and sustainable product – two qualities that fully align with the company’s investment policy.”

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