CaixaBank places an executive on the supervisory board of digital money created with 10 other banks
Manuel Galarza, who will occupy the rotating position in the Qvalis consortium, is responsible for credit risk at the Catalan financial institution.
BarcelonaCaixaBank has appointed executive Manuel Galarza to the supervisory board of Qvalis, the digital currency they created through a joint venture with 10 other European banks. Galarza is the bank's head of credit risk.
In addition to CaixaBank, this consortium includes the French bank BNP Paribas, the Dutch bank ING, the Italian banks Banca Segella and Unicredit, the Belgian bank KBC, the Danish bank Danske Bank, the German bank DekaBank, and recently joined by DZ Bank; the Swedish bank SEB and the Austrian bank Raiffeisen Bank International.
Along with Galarza, two independent professionals will be part of this body: David Chreng, founding partner of venture capital funds specializing in blockchain LeadBlock Partners and LeadBlock BitParndapa; and the French computer engineer and executive of the private digital currency Circle, Marieke Flament. In addition, Willem Hueting, an executive at KBC; and Christian Wolf, from Raiffaisen Bank, join the board and, like Galarza, will fill the position of representative of partner banks on a rotating basis.
The project in which CaixaBank is participating is a stablecoinThis is a digital currency pegged to the euro. It will enable near-instantaneous, low-cost payments and settlements, available 24/7, including cross-border transactions, improved supply chain management, and the settlement of digital assets such as securities and cryptocurrencies.