We.trade is a leading blockchain-powered digital trade services provider. Recently, three major banks from the former Batavia consortium decided to start working with this platform. Erste Group, CaixaBank, and UBS joined we.trade as banking partners and shareholders. They will join other existing banks on the platform: HSBC, Deutsche Bank, Natixis, Rabobank, Societe Generale, Unicredit, and Nordea. The result is that the number of shareholders now stands at 12.
This joint endeavor will ensure that companies can access the unique market reach of this platform and use the network for international trade need. This will ensure that we.trade has a foothold in 13 nations.
This Is Good For We.trade
Following the successful launch of we.trade in June, the additional banking partners will strengthen its position as the largest blockchain power trade financing company. The shareholder bank identified significant similarities with the former Batavia banks. This is because they have developed similar solutions using IBM on the Hyperledger Fabric. An open source blockchain framework that is hosted by the Linux Foundation.
We.trade Is Enjoying A Lot Of Success
We.trade is still expanding, and it is evaluating additional partners from the banking and non-banking world. It wants them to join the vision of creating an interoperable platform. The addition of these three banks will extend the reach of we.trade geographically. It will now be available in Belgium, Austria, Denmark, France, Finland, Germany, Norway, Spain, Switzerland, Sweden, Italy, and the UK.
We.trade addresses the needs of companies to make cross-border trade easy through the extension of its digital trade network. The distribution force of being part of the international banking network positions the platform as an innovator in the trade finance world. This also makes it a leading partner for market adoption and expansion outside Europe.
What Officials At We.trade Had To Say
According to the COO of we.trade Roberto Mancone, the platform was happy to welcome the three banks as users and shareholders. This is a confirmation of the announced roadmap of the platform. According to him, this would keep them on track with their strategy to expand their global coverage network over the coming quarters with both banking and nonbanking partners.
Mar Santana Rollán, Director of Foreign Trade and Exchange at CaixaBank said that by being part of we.trade, they could provide international corporate clients with great digital trade solutions. It would allow them to consolidate their fully customer-centered innovation model.
Ingo Bleier, Head of Group Corporates at Erste Group said he was glad the group had joined we.trade as an equal shareholder. He said that the deal would allow them to combine their knowledge of blockchain-based trade services, which they have built up within the Batavia consortium to make the we.trade platform available to their clients.
Andy Kollegger, the Head of CIC products and services at UBS said that the company was happy to join forces with we.trade. He said that the bank was sure the corporates in Switzerland would benefit from this platform when they engage in international trade.