Blockchain technology is once again gaining traction after fallout in market price of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETC), and many others. In addition to this positive news, We.trade, which is a European blockchain trading platform, confirmed yesterday (July 3, 2018) that the company has successfully completed its first live operations that involved five major banks and twenty blockchain companies.
HSBC which were among the other institutions involved claimed that in the platform test, three of its clients took part.
This blockchain technology-based platform makes use of IBM’s blockchain platform which is powered by Hyperledger Fabric. By making use of the Hyperledger Fabric, the company claims to offer a cost-effective and more efficient way for businesses and banks to trade worldwide.
IBM’s blockchain lead in Europe, Parm Sangha mentioned in a press release on 3rd July, “As We.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.”
We.trade lists its founding members as HSBC, Natixis, KBC, Deutsche Bank, Nordea, Santander, Rabobank, UniCredit and Société Générale. The company also mentioned that there are various blockchain solutions that are under consideration by the banking sector. The new collaboration of companies and banks simply highlights the bank’s ability to progress and innovate, according to Dutch institution Rabobank.
Bart Leurs, Rabobank chief digital transformation officer in the official press release commented that “These trade(s) represents a great example of traditional banks innovating to meet their clients’ needs by working with We.trade”.
We.trade expansion plans looks to have more dependency on future lenders that might also join the league in future. One of the major reasons to stay with the expansion idea is because of the platform’s availability in eleven European countries.
The recent move of adoption of blockchain technology by banking sector clearly shows an increasingly crowded space in Europe and other countries. Investors also give priority to those blockchain platforms that are sponsored by the bank. In April this year, Spain’s Santander became the first to make use of Ripple cryptocurrency in order to offer blockchain settlements for retail customers.
In spite of that other plans were seen to have fallen in the road as Rabobank a Dutch multinational banking and financial services company plans to launch its own cryptocurrency wallet project named as “Rabobit”. However, the company has remained silent on the project since March.
Earlier, it was found that We.trade will begin testing the platform in May 2018 after which there will be an expected commercial release in summer. However, this plan was delayed a bit but now the testing of the platform has finally been done.