Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has announced the launch of the first blockchain-backed platform for structured green bonds. The news was announced in a press release published on Feb. 19.

BBVA has closed the deal with Spanish insurance house Mapfre, which has invested 35 million euros (approximately $40 million) to finance sustainable products. To close this deal, BBVA has “issued the first structured green bond using blockchain technology to negotiate the terms and conditions,” the press release states.

The press release underlines that the funds have been specified for the financing of green projects, under the umbrella of BBVA’s sustainable development goals. BBVA’s head of global sales, Juan Garat, noted the company’s focus on innovative, sustainable solutions, adding:

“Using DLT — distributed ledger technology — for this transaction allowed us to simplify the processes and streamline the negotiation time frames.”

Previously, in last December, BBVA had already announced the closing of a 150 million-euro ($169 million) loan on blockchain, which was claimed as BBVA’s first blockchain-based loans deal with a non-Spanish borrower, as Cointelegraph reported on Dec. 14.

As Cointelegraph reported on Nov. 22, two major Spanish banks — BBVA and Banco Santander — joined the European Union International Association for Trusted Blockchain Applications, which aims to develop EU blockchain regulation, along with preparing for the launch of EU-wide blockchain applications.