Banks in Europe launched the block-platform we.trade

in banks •  8 months ago

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Today it became known that a group of European banks announced the successful completion of the first transactions in real time through the we.trade block platform , jointly developed by the financial institutions that are members of the alliance.

According to today's announcement, over the past five days, financial transactions have been conducted between 10 companies using blockage. At the same time, four banks participated in the transactions. So, according to HSBC, last week in Europe, three clients performed transactions using innovative we.trade block-site.

It is reported that the banking platform was built on the basis of IBM's blockbuster platform and Hyperledger Fabric technology. The following banks participated in its construction: Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. The main goal of creating a block-platform is to increase the efficiency of cross-border remittances.

As reported in April , the launch of the we.trade platform testing was scheduled for May 2018, while the official commercial launch is scheduled for this summer. At that time, the Société Générale bank informed CoinDesk that the promotion of the new platform will be carried out quickly, since the main customers will be a large number of small and medium-sized European companies.

The current situation was commented on by the leader of GBL Europe Blockchain IBM - Parm Sangha, stating the following:

"As the we.trade platform shifted from pilot trials to real cross-border transactions, there was a huge potential inherent in the technology of the blockbuster. Small and medium-sized businesses in Europe will benefit from the use of the block-platform. "
As the CoinDesk news agency states, currently we.trade operates in 11 European countries. At the same time, the head of the banking project Roberto Mancone announced that the next step is "to connect other European banks, as well as financial institutions outside Europe, to the block-platform".

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The banks are starting to connect. This is very good news for crypto. Interoperability is the next step in evolution.