• Sun, 25 Aug 2019, 10:20 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

German firm Dürr secures €750M syndicated loan via blockchain technology

Mon, 12 Aug 2019, 06:07 am UTC

Dürr, a Germany-based mechanical and plant engineering firm, has announced that it has secured a syndicated loan worth €750 million with the loan agreement signed using blockchain technology.

The loan was secured as part of Dürr’s sustainability-oriented refinancing. The interest rate is linked to the sustainability rating provided by the EcoVadis agency. This means that the interest rate will rise or fall, depending on certain sustainability criteria such as CO2 emissions and water consumption as well as fair working relationships and conditions at suppliers.

According to a press release dated August 08, the loan syndicate consists of 13 banks from Europe, Asia and the United States and includes BNP Paribas, Commerzbank, Deutsche Bank, UniCredit, the Bank of China, DZ Bank, HSBC, ING, JPMorgan, KfW/IPEX, LBBW, Mizuho, and Santander.

The syndicate of banks was advised by the Hengeler Mueller law firm. Dürr AG received legal support from the Freshfields Bruckhaus Deringer law firm.

Dürr said that the conclusion of the loan agreement served as a pilot project for the digitization of syndication processes. The syndicated loan platform implemented in the project was based on blockchain technology. It was used together with the mySaveID identity service, provided by software company Targens GmbH.

Through, mySaveID, digital identities are created and administered in a secured manner in the business-to-business segment. These digital IDs can then be used for entering company-specific and personal data into contracts, for communication between authorized signatories and for qualified electronic signatures. The digital ID verification will help save time and money and provide enhanced security.

“Digitization is a key element of our strategy, not just in view of our products and services but also in internal and external business processes. It was therefore important for us to use new digital technology in the syndication process, and to gain experience. We have thus reached a further milestone in digitizing our finance area,” Dürr CFO Carlo Crosetto said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,025.10 (-0.71%)
  • Ethereum (ETH) $185.45 (-2.29%)
  • XRP (XRP) $0.268700 (-0.97%)
  • Bitcoin Cash (BCH) $303.00 (-1.01%)
  • Litecoin (LTC) $71.64 (-2.23%)
  • Bitcoin (BTC) $10,025.10 (-0.71%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft