We.trade the blockchain trade finance platform has been through a round of layoffs in the last week. Just four weeks ago, IBM announced an investment in the platform. However, when we chatted to we.trade back in April, there was a plan to raise €15 million this year in multiple tranches. This included finance from existing shareholders, IBM, as well as other outsiders such as insurers and credit ratings firms.
General Manager Ciaran McGown confirmed the layoffs to Ledger Insights. “Our resourcing requirements change over time and we have recently reduced a number of roles in the technical and product areas,” said McGowan via email.
“Our ability to remain agile ensures that we’re managing the company’s resources as effectively as possible. Interest in we.trade, from banks and their clients, remains strong and we’re confident that the digitisation of trade and trade finance is more relevant today than ever before.”
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