we.trade

we.trade

we.trade develops and licenses a blockchain trade platform for commercial clients and their banks.

we.trade is a joint-venture company owned by 15 European banks, that develops and licenses the first blockchain trade platform in conjunction with IBM for commercial clients and their banks available in the market. Through distributed ledger technology and smart contracts, the platform provides a secure, innovative environment for banks' commercial clients engaged in import/export transactions to trade in a user-friendly and efficient way.

Clients can register to the platform via their banks. The 15 major European banks have already guaranteed geographic and client coverage in 11 countries. These partner banks include CaixaBank, Eurobank, Erste Group Bank, ČSOB, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, UBS, UniCredit and Deutsche Bank.

Platform

we.trade's platform is built on IBM's blockchain platform using the open-source Hyperledger Fabric. According to Ciaran McGowna, in interview with coindesk in October 2019, we.trade intends to bring the technology development in-house rather than continuing to outsource to IBM.

The platform allows for identification of unknown counterparts, bank payment undertaking, real time trade settlement, event based automatic payment triggers through smart contracts, and track and trace for over 426 couriers.

As of December 2019, prices to trade on we.trade ranged from $2,000 a month to a full annual membership license at $175,000. Trialing a project with we.trade costs $75,000 per year.

Timeline

October 9, 2019

UBS Bank Goes Live on We.Trade Blockchain for Trade Finance.

August 29, 2019

HSBC becomes the first bank to complete we.trade transaction

October 17, 2017

IBM and eight banks develop we.trade platform for blockchain-powered commerce

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
we.trade seed round funding round 2017
November 2017
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People

Name
Role
LinkedIn

Alan Fitzsimons

Commercial Lead

Alex McAllister

Back End Developer

Ardi Mehist

DevOps Engineer

Bart van Beek

Product Expert

Benni Russell

Front End Developer

Ciaran McGowan

General Manager

Conor Burke

Operations Support Analyst

Danny Fitzgerald

Head of Operations

David McLoughlin

Head of Business Services

Fintan Sealy

Back End Developer

Jeremy Simmons

UX/UI Designer

John O'Connor

Head of Product and Delivery

John O'Neill

Head of Security

Julie Cairn

Product Owner

Mark Cudden

Head of Technology

May Albaghdady

QA Engineer

Niamh McLafferty

Back End Developer

Peijie Ma

Back End Developer

Polina Andreeva

QA Lead

Sara Kinneen

Front End Developer

Shane Reddy

QA Engineer

Wayne Walker

Operational Support Lead

Further reading

Title
Author
Link
Type
Date

we.trade

Web

Documentaries, videos and podcasts

Title
Date
Link

we-trade-introduction

July 21, 2019

Companies

Company
CEO
Location
Products/Services

References

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