To allow for network improvements and the acceleration of the worldwide commercialization of its platform, we.trade has unveiled an “enhanced collaboration” with IBM. The company also said that IBM is joining its founding banks as a new shareholder, according to an announcement.
Jason Kelley, GM of blockchain services for IBM, said in the announcement, “The strategic direction for we.trade and IBM is focused on driving growth and transparency across the entire trade ecosystem, collaborating to enhance the network effect of blockchain, and expanding access to trade finance and other services to the marketplace."
Prior to growing the network worldwide, the firm will begin to extend offerings to more banks and customers throughout Europe in July, beginning with Asia. There will also be ongoing efforts to allow we.trade to work with other trade finance systems that are distributed ledger-based.
we.trade was created on the IBM Blockchain Platform’s newest iteration. The company is backed by some of the leading global banks, including HSBC, Deutsche Bank, UBS, Société Générale, Santander, CaixaBank, Erste Group, KBC, Rabobank, UniCredit and Nordea. It is intended to link together buyers, sellers, insurers, banks and logistics groups in a network that simplifies cross-border trading.
we.trade assists in automating a number of procedures regarding trade finance, and also offers traders access to credit rating, insurance and logistics services. Once they are on the network, traders can start orders, receive financing and handle the order-to-payment process. Additionally, they can browse the network to find new trading partners.
In August, news surfaced that we.trade had seen its inaugural bank transaction. HSBC reportedly became the first bank to use the blockchain platform to handle a trade finance transaction that occurred within the firm’s second round of experimental tests that started in June.