We.trade, a blockchain-based fintech company that marketed itself as “a digital one stop shop” for distribution chain transactions, has decided to cease all of its business activities. The Irish Independent reports that the corporation has reportedly made a proposal to engage PwC as the liquidator.
In 2017, twelve financial institutions, all of whom are now shareholders in the company, came together to launch what they call “the world’s foremost enterprise-level blockchain-enabled financing platform.” The shareholders include CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Societe Generale, UBS and UniCredit.
2019 was the year that it was made available to the public. We.trade is a platform that is built on Hyperledger that promises to link small and medium companies (SMBs) to banks. This is accomplished by simplifying previously paper-intensive transaction duties like letters of credit and the funding for trans-border and global commerce.
In addition, the organization gives merchants access to facilities such as insurance, credit rating, finance, and logistics, and the network itself may be utilized as a search engine to find new business partners. In the year 2020, IBM became a member of the association and purchased a 7% ownership share in the company.
Despite this, the company continued to have difficulties, and by the end of that year, it had to let go of half of its workers. According to the business, its technology is presently licensed by 16 banks located in 15 different nations. UniCredit in Germany, EuroBank in Greece, and SOB, Komern Banka, and eská Spoitelna in the Czech Republic are among of the companies that have been granted licenses.
