Today Contour, the blockchain trade finance network, announced that it acquired we.trade’s rule book and related legal documents. We.trade, the trade finance network backed by a dozen banks, entered insolvency three months ago after the banks decided not to provide additional funds.
To date, Contour has focused on Letters of Credit, a document-heavy procedure in which trade finance relies on bills of lading that prove goods have been loaded for transport. In contrast, open account trade finance is based on invoices, which was the area of we.trade’s focus.
Even before Contour was incorporated, the organization always stated that Letters of Credit was the first step and that it would expand into other trade finance offerings.
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