BBVA and Santander Join EU Joint Blockchain Platform Set to Launch in 2019
Banking groupsand have joined the International Association for Trusted Blockchain Applications (IATBA), Spanish economic newspaper Expansion Nov. 20.
The representatives of two Spanish banking groups were invited to an E.U.roundtable held in Brussels 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.
According to a BBVA, during the meeting E.U. officials revealed that the IATBA will launch in the first financial quarter of 2019. The main aim of the association is to develop E.U. blockchain regulation, along with preparing the launch of E.U.-wide blockchain applications.
According to Expansion, BBVA and Santander are among the first fiveinvited to join IATBA. The other members of the association have not yet been disclosed.
IATBA is an initiative promoted by the European Blockchain Partnership — a collaboration of 27 E.U. countries, including, , , , the and . As Cointelegraph previously , the states cooperate to establish “a European Blockchain Services Infrastructure that will support the delivery of cross-border digital public services, with the highest standards of security and privacy.”
While the CEO of BBVA has previouslysome of the challenges and limitations of blockchain technology, the firm has already tested several blockchain solutions. In June, the bank with Spanish energy company Repsol to test different blockchain technologies, namely and .
Most recently, BBVAout a $150 million on a private blockchain network through a group of three funding banks including banking group BNP Paribas and ’s bank holding Mitsubishi UFJ Financial Group ( ).
Santander is also interested in decentralized technologies. In July, itBlockchain Platform along with four other banks, and a research team to explore the use of blockchain in securities trading.