The
we.trade blockchain platform that targets SMEs for European cross border trade finance,
officially launched last year. But like many blockchain projects it was a very soft launch. Today one of the member banks, Nordea, announced it’s now making the platform available to all its SME clients. We believe that 200 Nordea clients were waitlisted and are being onboarded. The bank services clients in Denmark, Finland, Norway and Sweden.
Most consortia-style blockchain networks, including we.trade, have members who are competitors. So each we.trade shareholder will launch the offering when they’re ready. The roll out of a solution like we.trade involves a significant amount of work because it targets SMEs and is essentially a retail offering. Hence it has involved trade finance personnel visiting the Nordic countries to train teams on how to service we.trade.
What is evident in the client-targeted material on the
Nordea website is the focus on the business solution. The fact that we.trade uses blockchain is only mentioned near the bottom of the page. It’s conceivable that some banks may not mention blockchain at all.
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