We.trade, one of the first enterprise blockchain consortia that offered a trade finance solution, has started an insolvency procedure. The company was formed in 2017 as a consortium that eventually included a dozen major banks such as Deutsche Bank, HSBC, Santander, Societe Generale and UBS.
Yesterday the Irish Independent reported that the company has proposed appointing PwC as a liquidator to wind up the company. As required by Irish law, it published a notice calling for a creditor’s meeting next week. We contacted the company but didn’t receive a response.
We.trade provided a trade finance solution initially targeted at European SME firms. It aimed to offer open account trade finance and bank payment undertakings.
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