we.trade

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.

we.trade platform introduction

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.