Eight major European financial entities have announced they will work together on a blockchaintech project for recording the issuance of financial warrants, Spanish news outlet el Economistareports today, June 25.

Spanish securities regulator the National Securities Market Commission (CNMV), along with major stock market operator BME, and banks Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have “successfully” completed a Proof-of-Concept, which they call Fast Track Listing. The system was created to register the issuance of warrants in under 48 hours, a process that usually takes more than a week, according to their statement also released today.

Warrants are defined as derivatives that give the right to sell a security at a certain price before the expiry date.

 The CNMV notes that it will continue to research blockchain tech uses for both national and international warrant issuers.

While banks worldwide are exploring blockchain, not all banks are ready to accept the technology. Last week, the CEO of BBVA had said that blockchain technology was “immature” and faces major challenges. However, some banks have actively embraced the technology already –– in April Santander launched its Ripple (XRP)-powered payment network for retail customers.