Eight big European financial entities have declared they will cooperate on a blockchain tech project for recording the issuance of financial warrants, Spanish news outlet El Economista reports.
Spanish securities regulators the National Securities Market Commission (CNMV), alongside real stock exchange operator BME, and banks Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have effectively finished a Proof-of-Concept, which they call Fast Track Listing. The framework was made to enroll the issuance of warrants in less than 48 hours, a procedure that for the most part takes over seven days, as indicated by their announcement also released today.
Warrants are characterized as subsidiaries that give the privilege to offer a security at a specific price before the expiry date.
The CNMV takes note of that it will keep on researching blockchain tech utilizes for both national and international warrant guarantors.
While banks worldwide are investigating blockchain, not all banks are prepared to acknowledge the innovation. A week ago, the CEO of BBVA had said that blockchain innovation was “immature” and faces real difficulties. However, a few banks have effectively grasped the innovation as of now – in April Santander released its Ripple (XRP)- powered payment network for retail clients.