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Bank-backed blockchain consortium we.trade files for insolvency

Bank-backed blockchain consortium we.trade files for insolvency

We.trade, one of the earliest blochcain coalitions for trade finance is entering insolvency after its banking shareholders pulled the plug.

The company was formed in 2017 as a consortium that eventually included a dozen major banks such as Deutsche Bank, HSBC, Santander, Societe Generale and UBS.

Yesterday the Irish Independent reported that the company is winding down its operations and has has proposed appointing PwC as a liquidator.

IBM took a seven percent stake in the venture in May 2020, but the platform has continued to run up costs with no sign of further investment forthcoming.

CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Société Générale, UBS, UniCredit and IBM are shareholders in we.trade while UniCredit AG in Germany, EuroBank in Greece, and ČSOB, Komerční Banka and Česká Spořitelna in the Czech Republic are licensees.

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