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IBM-Powered Blockchain Platform is Live and Trading

banking bank

we.trade has confirmed in a blog post written today that the website’s first live trades have taken place. The European-based trade site was founded in a partnership between Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and Unicredit, and is one of the first trading solutions of its kind built upon the IBM Blockchain Platform.

According to reports, over the last 5 days, 20 companies have executed trades via 5 banks. These trades mark the first commercially viable open account trades using blockchain technology.

“This live trade is a massive achievement for all involved. Not only has we.trade built a technical solution, it has also managed to create real collaboration across multiple banks and increased the connectivity of the trade ecosystem. This really is collaboration at its finest,” said Roberto Mancone, Chief Operations Officer of we.trade.

we.trade is currently operating across eleven European countries:  Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK. The company aims to offer customers a simple to use interface which offers an enhanced customer experience for trading internationally. we.trade is also offering a number of new trading solutions for bank clients, including smart contracts.

The founders of we.trade consider the website’s launch a testament to modern banking’s willingness to provide innovative solutions to its customers in the quickly changing world of high-tech finance. Bart Leurs, Chief Digital Transformation Officer of Rabobank, echoed this sentiment, saying:

“These trade(s) represents a great example of traditional banks innovating to meet their clients’ needs by working with we.trade. Our bank wants to make cutting edge technology available to our customers when it comes to trading globally. We.trade is a trading solution that our customers need.”

While some reports consider blockchain to provide necessary solutions to problems being faced in modern banking, other banks continue to speculate that the proposed value of blockchain technology in banking is largely overrated.

However, the founders of we.trade feel that the website’s launch prove that we.trade is a robust and commercially viable proposition. We.trade is now being aimed towards expanding its influence further into the financial sector. Roberto Mancone states, “The next step will be getting buy-in from additional banks and their customers in Europe and further afield.”

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