HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.
The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.
The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.
Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.
HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.
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