Rajarshi Mitra
Independent Analyst
- We.trade will be available to its small and middle-sized business customers.
- The platform is a joint venture including several banks.
According to a press report, Nordic Banking Giant Nordea announces its Blockchain Trading Platform we.trade to its small and middle-sized business customers (SMEs). As stated, the platform will help settle matter regarding trust deficits extant in current cross-border trades made by SMEs.
Patrik Zekkar, Global Head of Trade Finance and Working Capital Management at Nordea, stated:
“Almost 60 percent of the SME’s said that they have to make advance payments so there is obviously a sense of insecurity surrounding cross-border trade. This is unfortunate, not only from a liquidity standpoint, it may also lead to companies refraining from trading and not growing.”
The platform will enable users to choose certain events within a smart contact that will generate a payment to another party. We.trade is based on IBM Blockchain. The platform is a joint venture which includes banks like Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Santander, Société Générale and UniCredit. Nordea joined the project in 2017 and the operations began in June 2018.
Nordea is welcoming blockchain technology yet it banned its employees from owning bitcoin (BTC). The bank also closed the account of Norwegian cryptocurrency exchange Bitmynt AS in December 2017. Bitmynt sued Nordea but lost the case in May 2018.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.