• Fri, 06 Dec 2019, 02:43 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Banking giant UBS officially implements we.trade blockchain

twicepix [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)]

Thu, 10 Oct 2019, 04:09 am UTC

Switzerland’s banking giant UBS has started executing transactions on we.trade blockchain platform for trade finance, which will soon be adopted by other member banks.

The Swiss bank revealed it went live on we.trade at the start of October, providing services to small and mid-sized enterprises (SMEs).

Speaking to CoinDesk, a company representative said UBS is reaching out to customers “on a one-to-one basis” as it aims to create awareness of its blockchain-based platform and to educate them on how it works.

We.trade intends to develop a trusted network among SME clients of European banks. Some of the services the platform offers include bank payment guarantees and invoice financing.

The spokesperson said the platform is ready and is awaiting commercial adoption, with plans to lure more banks and onboard more SMEs.

Trading fees on the platform can range between $2,000 a month (early users) and a $175,000 full annual membership license. Trialing a project can also cost up to $75,000 per year. We.trade is built by IBM on the open-source Hyperledger Fabric blockchain system, although it plans to bring in-house tech soon.

Deutsche Bank, HSBC, KBC Bank, Nordea, Rabobank, Santander, Société Générale, and UniCredit have already implemented we.trade for trade contract settlement. On the other hand, Erste Group of Austria and Spain’s CaixaBank have started offering live transactions at the start of this month.

Meanwhile, Greece’s Eurobank and Czech Republic’s three main banks – CSOB, Komercni, and Česká Spořitelna – are expected to join early 2020.

We.trade needs more SMEs using the platform. To have more SMEs, it also needs more banks to join, not as equity investors, but really users of we.trade. The SMEs we are dealing with are telling us how happy they are to have such an offer and they are also asking us as much as possible to try to convince other banks to join,” Marie-Laure Gastellu, Société Générale’s deputy head of trade finance, said.

Meanwhile, just last month, the Bank of America, the world’s eighth-largest bank by total assets, has joined blockchain-based trade finance network Marco Polo, joining other network members like BNP Paribas, Commerzbank, Standard Chartered Bank, among others.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,454.77 (+2.74%)
  • Ethereum (ETH) $149.26 (+2.08%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $213.98 (+2.60%)
  • Litecoin (LTC) $45.38 (+1.20%)
  • Bitcoin (BTC) $7,454.77 (+2.74%)
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:49
Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
10:43
U.S. financial regulators call for continued monitoring of digital assets and DLTs
10:10
Crypto Technicals: IOT/USD retraces above 0.20 handle; recovery lacks traction
09:38
Samsung Blockchain Keystore to be soon available in six more European countries, says TRON CEO Justin Sun
08:15
KT and China Mobile team up to commercialize blockchain-based roaming charge system
07:13
Crypto Technicals: XRP/USD capped below 5-DMA, on track to test trendline support at 0.1995
06:44
France to launch CBDC trial by end of Q1 2020
06:35
Crypto Technicals: BTC/USD finds selling pressure at highs, bias remains bearish as long as 21-EMA resistance holds
06:25
OneConnect seeks to raise $500M for its upcoming IPO amidst global expansion of parent company Ping An
06:17
China’s Hainan announces new measures, $142M fund to support blockchain industry
05:25
Sean Neville to step down as Circle co-CEO
05:02
Bakkt CEO Kelly Loeffler appointed as U.S. senator by Georgia governor Brian Kemp
04:58
Gemini burns GUSD bringing total supply to 4.1 million
04:46
Crypto Technicals: ETH/USD recovery capped at 200H MA, break below 78.6% Fib (141.35) to knock prices lower
03:59
Poloniex users could lose fund, account if they fail to withdraw tokens by Dec. 16, Circle warns
03:36
North Korean hacking group may be behind near-undetectable macOS malware
Dec 4, 2019 (Wednesday)
13:46
BOJ Governor Haruhiko Kuroda sees no public demand for CBDC at the moment
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft