It is confirmed that the European blockchain trading platform we.trade has completed its first live operations on June 3, involving 5 major banks and several companies.
IBM’s Blockchain Platform, powered by Hyperledger Fabric claims that they can provide “more efficient and cost effective way” for banks and businesses to trade worldwide. Various parts of blockchain solutions are currently being appraised by the banking sector, on the list are Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit as its founding members.
According to Dutch institution Rabobank, working together, there are greater chance of the banks’ ability to innovate.
Bart Leurs the bank’s chief digital transformation officer said on a press release that, “these trade(s) represents a great example of traditional banks innovating to meet their clients’ needs by working with we.trade.”
At the moment, that platform’s plan to expand further will solely depend on investors coming on board. Currently the platform is already available in eleven countries.
In Europe and in other countries reports say that the bank-sponsored blockchain platforms are becoming more and more crowded. The first one to offer settlements for retail customers using Ripple in April was Spain’s Satander. While for other banks, remittances also form as major projects in Asia, involving IBM Technology.
Since March, Rabobank has been silent with regards to its cryptocurrency wallet project called “Rabobit”.
Some sources fear that the banking demand for blockchain services is overrated, and in actual fact, the technology has less to offer than many others assume.