Eight Banks To Form We.Trade, A For-Profit Blockchain Venturebr>
Eight major banks are forming a for-profit joint venture to exploit a licensed blockchain for transactions in supply chain trade financing.
KBC, Deutsche Bank and HSBC are among the founders of the joint venture, called We.Trade, and all have an equity stake. The project has a tiered membership and will license others to use it. Other equity members include Natixis, Rabobank, Societe Generale, UniCredit and Santander.
Roberto Mancone, global head of disruptive technologies at Deutsche Bank, said the project came together quickly, and was made into a joint venture to avoid the sometimes-thorny processes associated with non-profit consortiums.
The project is based in Dublin Ireland. No details on fees or other procedures to join the project have been publicly detailed as yet.