First Blockchain Open Account Trades Executed by we.trade
(4 July 2018 - Global) New blockchain platform we.trade has successfully executed multiple real-time customer transactions across five countries.
Ten companies executed trades via four banks signifying the first commercially viable open account trades harnessing blockchain technology.
Built on the IBM Blockchain Platform Hyperledger Fabric, the we.trade solution seeks to cater to the many banks and companies looking for a more efficient and cost-effective way to trade internationally, offering customers access to a simple user-interface, leveraging innovative Smart Contracts and opening up potential new trading opportunities. we.trade was established by a consortium of nine banks including Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit to address the expectations of their customers to make cross-border trade more simplified. The consortium has succeeded in meeting each banks internal governance and procedures requirements to make this innovation a reality. we.trade expects to expand into additional markets in Europe and globally as further banking partners participate and is now available in eleven countries including Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK.
“The we.trade platform is a live, blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience, when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield” said we.trade COO Roberto Mancone
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