Share this article
BBVA Blockchain Pilot Cuts Time for International Trade Transactions
BBVA has utilized blockchain platform Waves to conduct a live international trade transaction trial between Spain and Mexico.
Updated Sep 13, 2021, 7:12 a.m. Published Nov 28, 2017, 9:00 a.m.
Spanish banking giant BBVA has successfully piloted a blockchain solution for paperless trade transactions between Europe and Latin America.
The blockchain pilot, built on the Wave platform, was carried out to automate the electronic submission of documents for an actual sale transaction between Mexico and Spain in a move to speed up the time required for sending, checking and authorizing cross-border trades, a press release states.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The trial saw the time taken for document verification reduced from 7–10 days to 2.5 hours.
According to Patxi Fernández de Trocóniz, head of global trade at BBVA, the blockchain pilot marks a "leap forward" for effective international trade transactions.
He stated:
"The time it takes to manage the documentation was reduced to a process that lasted just a few hours, in which all parties – the banks, the importer and the exporter – were constantly aware of the status of the documents."
The payment of the transaction was carried out using a letter of credit for the transport of 25 tons of frozen tuna, bought from Mexico by a company in Barcelona.
Utilizing blockchain for foreign trade allows the creation of a "safe and digital environment ... as the foundation for a global foreign trade marketplace," says BBVA Bancomer Corporate Banking and Governance head of strategy, Jorge Zebadúa.
The blockchain pilot forms part of BBVA's effort to digitize aspects of finance with the use of nascent technologies like blockchain, the release added.
The bank has been investigating blockchain tech for some time, and made its entrance into the Hyperledger blockchain consortium this March, joining 100-plus startups and businesses already involved in the enterprise-focused project.
Logistics container image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
IMF Flags Stablecoins as Source of Risk to Emerging Markets, Experts Say We Aren't There Yet
The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
What to know:
- The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
- Despite concerns, experts argue that the stablecoin market is still too small to have a significant macroeconomic impact.
- Stablecoins are primarily used for crypto trading, and their market size remains small compared to global currency flows.
Top Stories
