Spanish Bank to Issue $91M Loan Using Blockchain

Second largest bank in Spain Banco Bilbao Vizcaya Argentaria issued a 75 million worth loan using blockchain technology
27 April 2018   627

The second largest bank in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), became the world's first financial institution to use distributed ledger technology to provide its lending services. A loan of 75 million euros was issued to one of the bank's corporate clients, the Coindesk reported.

Both sides used a separate private blockchain, but later the transaction was registered in the public blockchain Ethereum using a system of smart contracts.

Executive Director of BBVA Carlos Torres Vila expressed optimism about the use of blockchain in banking systems, noting that the technology allowed to shorten the time of the contract "from several days to several hours."

He also added that the bank intends to "fully focus on studying the potential of the detachment for its use in providing its services."

In November 2017, BBVA successfully launched a pilot version of the blockchain-based solution for the processing of trade transactions between Europe and Latin America.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.