Multinational banking giant HSBC has reportedly become the primary bank to complete funding transaction on European blockchain trade platform we.trade.

Since we.trade started the project back in 2017, HSBC recently financed a transaction on the platform among a second spherical of pilots that started in June 2019, economics magazine global Trade Review (GTR) reported on August. 22.

The transaction concerned HSBC’s consumer Beeswift, a Midlands-based producer of protecting instrumentality, and their sale to a Rabobank-banked Dutch firm, the report notes.

Based in Dublin, we.trade provides a Hyperledger Fabric-based tool for tracking, managing, and securing open account trade transactions in Europe between SMEs. The platform intends to facilitate 3 major steps in SME trade, as well as access to trusted counterparties for direct on-line transactions, alleged bank payment enterprise, that is a web equivalent of a letter of credit, and funding requesting, per the report.

Backing by major international banks

To date, we.trade is reportedly backed by twelve shareholders, as well as Deutsche Bank, CaixaBank, Natixis, Nordea, Rabobank, Santander, Société Générale, and HSBC itself. per GTR, all twelve banks had signed license agreements to use the platform by January 2019.

We.trade isn't the sole trade finance-related blockchain initiatives that HSBC is concerned in. As antecedently reported, the United Kingdom-based banking giant is additionally piloting Corda-powered blockchain trade project Voltron. Following recent pilots, HSBC reportedly stated that Voltron implementation reduced transaction time by 400th.

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