The national Commission for the securities market of Spain and a group of local and international banks, including Banco Santander and BBVA, have completed a pilot blockchain project, which tested a technology of issue of the warrants. It is reported СoinDesk.

In one year took the Fast Track project Listing (FTL) participated the Spanish national Commission for the securities market (CNMV) and the banks Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale.

The idea was that a common database can be used for more effective exchange of information on warrants. The latter are contracts giving the right to purchase new shares at a certain price within a certain period of time.

According to Banco Santander, the pilot project has shown that the use of blockchain platform reduced the time of issue of the warrants by more than 70%. Initial test results have been promising that paved the way for further work on the concept of the platform.

“Having such good results, the CNMV decided to explore further the possible use of this technology in their processes and to continue the project. BME all national (BBVA, Caixabank and Banco Santander) and international (BNP Paribas, Commerzbank and Société Générale), the issuers of warrants are also actively involved in this project”, — said in a statement.

Earlier, the Spanish banking giant BBVA has successfully launched a pilot version of blockchain solutions for the processing of commercial transactions between Europe and Latin America, based on the platform Wave.