Spanish banks form blockchain consortium

Besides Cecabank, the consortium “comprises 33% of the Spanish banking sector”, and according to Spanish newspaper El Pais, the group’s membership includes Abanca, Bankia, CaixaBank, Kutxabank, Ibercaja, Liberbank and Unicaja.

Commenting on this alliance, Cecabank representatives said that the consortium effort is seen as a way for its employees to get a top-down understanding of the tech, as well as possible insight into how the bank might actually go about using it.

The creation of this alliance represents the first major foray into blockchain for these companies, as other Spanish banks, including Banco Santander and BBVA, have been working with the tech for some time.