- We.trade will be available to its small and middle-sized business customers.
- The platform is a joint venture including several banks.
According to a press report, Nordic Banking Giant Nordea announces its Blockchain Trading Platform we.trade to its small and middle-sized business customers (SMEs). As stated, the platform will help settle matter regarding trust deficits extant in current cross-border trades made by SMEs.
Patrik Zekkar, Global Head of Trade Finance and Working Capital Management at Nordea, stated:
“Almost 60 percent of the SME’s said that they have to make advance payments so there is obviously a sense of insecurity surrounding cross-border trade. This is unfortunate, not only from a liquidity standpoint, it may also lead to companies refraining from trading and not growing.”
The platform will enable users to choose certain events within a smart contact that will generate a payment to another party. We.trade is based on IBM Blockchain. The platform is a joint venture which includes banks like Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Santander, Société Générale and UniCredit. Nordea joined the project in 2017 and the operations began in June 2018.
Nordea is welcoming blockchain technology yet it banned its employees from owning bitcoin (BTC). The bank also closed the account of Norwegian cryptocurrency exchange Bitmynt AS in December 2017. Bitmynt sued Nordea but lost the case in May 2018.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The platform is a joint venture including several banks.
According to a press report, Nordic Banking […]