Porsche Negotiates €150 million Loan Via BBVA’s Blockchain Platform
Porsche Holdings has arranged a €150 million term loan with BBVA by means of the blockchain solution of the Spanish Bank. The finance is for strategic take over in the automotive distribution network of Porsche.
There are other blockchain funding platforms, but BBVA’s doesn’t merely store the loan post-completion, it’s utilized at some stage in the transaction procedure.
The goal is to hasten and turn the procedure more competent. Additionally, there is complete credentials tracking and lucidity in negotiations.
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”.
Dominik Paschinger, Branch Manager of Porsche Corporate Finance in Belgium, said “With digitalization being an integral part of Porsche Holding’s Strategy 2025, the goal is to advance in all fields of activity. We think that the blockchain technology has great potential and are therefore very excited to being able to explore the technological capabilities together with BBVA”.
In February the luxury car manufacturer revealed that it was testing blockchain with Berlin startup Xain. This involved locking and opening vehicles and enabling brief access authorizations for the vehicle via an app. That could work in a good way for something like valet parking.
BBVA has utilized its platform for numerous other funding arrangements with Spanish organizations. A month ago, Red Electrica, a syndicated financing deal was arranged for the Spanish grid.
Likewise, previously funding was provided to the ACS building group and the Repsol energy company. Notably, the first loan was given to the consulting company Indra in April. BBVA has also tested internally with training tokens that can be utilized by its workforce.
The bank is partnering with numerous blockchain consortia. It’s a member of the Hyperledger Governing Board and it’s a stakeholder in enterprise software firm R3. Furthermore, the company is a member of the Enterprise Ethereum Alliance and Spain’s Alastria.