We.trade has successfully completed seven live transactions through four banks.
Blockchain-based trading platform we.trade has published only yesterday, July 3, of its recent feat of completing seven live trade transactions, according to the platform’s site.
Over the last five days, four banks executed the said trades by ten companies across five countries.
The said transactions have now proven that banking transactions done through blockchain technology is indeed feasible, and that the collaboration by multiple notable financial institutions is an astounding success.
Built on IBM’s blockchain platform, the technology is powered by Hyperledger Fabric. According to the platform’s site, the technology offers access to simple user-interface, which would leverage innovative smart contracts, therefore opening up new and advanced trading opportunities.
“We are delighted to have launched for the first time in the world a blockchain-based platform that enhances the overall customer experience, while trading internationally,” expressed Roberto Mancone, COO of we.trade.
Eyes on the Globe
We.trade’s platform is a consortium of like-minded banking institutions like HSBC, Deutsche Bank, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit, for the chief purpose of creating a platform which would make more efficient cross-border transactions.
Currently, we.trade is available across European countries like the UK, France, Germany, the Netherlands, Belgium, Denmark, Finland, Norway, Sweden, Italy, and Spain. However, they are intent on expanding to the rest of Europe and possibly the entire globe. With the recent success, and with more financial institutions yielding to the need for better transaction processes, we.trade just might do it.