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BBVA and Santander Join EU Blockchain Platform

BBVA and Santander Join EU Blockchain Platform

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Spain-based banks BBVA and Banco Santander joined the E.U. International Association for Trusted Blockchain Applications (IATBA) this week.

IATBA is E.U. collaboration between 27 different countries across the continent. Their focus is largely on creating infrastructure to support cross-border economic transactions and partnerships.

IATBA will launch during the first financial quarter of 2019 with one main mission: to develop an E.U. set of blockchain-specific regulations. IATBA will also be releasing blockchain applications intended for E.U.-wide use.

The Spanish banking groups attended a meeting in Brussels held by Mariya Gabriel, the commissioner for Digital Economy and Society, and Roberto Viola, director of the E.U. Department of Communications Networks, Content and Technology.

BBVA and Santander are not the first banks to join forces with IATBA, while there are other members, these blockchain-focused banks have yet to publically reveal their presence in the group.

Blockchain Technologies has previously reported on BBVA facilitating the first-ever, blockchain-based syndicated loan on the Hyperledger network. So, the banking group is no stranger to distributed ledger technology (DLT).

Santander isn’t a newcomer to decentralized tech either, having previously partnered with IBM alongside four other banks to research possibilities for on-chain security trading

Companies will continue to work together in order to bring functional blockchain infrastructure to the European Union to foster secure and private networks for improved financial services.