Ciaxa Bank, a major bank of Spain has announced its joining with We.trade making it one of the first bank in Europe that allows its customer to have access to blockchain powered financial platform.
We.trade was first launched in 2017 by IBM as a blockchain base financial platform. By utilizing smart contracts to facilitate buyers and suppliers, it mitigates risks and promotes inter-connectivity for corporations. The platform will digitalize and verify any potential illicit financial data using API. Over 400 logistic companies are currently using the platform the track their shipments. The project is currently being co-develop by Europe financial institutions such as UBS and Societe Generale.
From the press release, Caixa Bank ensures that this solution will further smoothed the real-time transactions tracking, increasing its overall transparency. We.trade can only be accessed by those who were verified and approved by the member banks, thus elevating its creditably and security.
IBM also pointed out that We.trade is working to remove the financial barrier for small and medium-sized enterprises. This attempt will greatly facilitate the SMEs growing capacity and expansion into new market sector as well as creating new business partners along the way.
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