The group of well-known European banks has completed the first live blockchain-based financial trades across borders through their we.trade blockchain platform.
HSBC bank is the core responsible in setting up the platform we.trade, the joint venture. However, last week claiming that three of its clients managed to open accounts transactions via we.trade.
IBM’s blockchain lead in Europe Parm Sangha said,
“As we.trade has moved from pilot applications to conducting live transactions across borders. It has demonstrated the power of blockchain technology in an enterprise setting. To convene a large network of regulated banks and demonstrate how blockchain technology can help them gain efficiencies. And provide greater transparency in live transactions is a disruptive model that has the potential to reshape the future of global trade finance”.
Moreover, we.trade was established by HSBC, Deutsche Bank, KBC, Nordea, Rabobank, Santander, Natixis, Societe Generale and UniCredit. Thus, in order to fulfill customers’ expectations and to make cross-border financial transaction more efficient.
Earlier in May it was stated that, we.trade was planning to begin testing the platform that expecting commercial release. Meanwhile, Société Générale mentioned the reason the joint venture can growth rapidly is that it is focusing on small and medium-sized businesses within the country.
Currently, we.trade is available across 11 European countries like France, Denmark, Germany, Belgium, Norway, UK, Italy, Sweden and Netherlands. Further, the joint venture expecting to explore into additional markets globally as well as partnering several banks come on board.
The we.trade chief operating officer said,
“getting buy-in from additional banks and their customers in Europe and further afield”.
Image Source: HSBC