Nordea, a Finland-based financial services company, will offer we.Trade, a blockchain-based trading platform to its other clients such as SMEs. The new move by the company will assist SMEs to deal with deficits extant in current cross-border trades.
The new trading platform will pave a way for the users to select specific events within a smart contract that will make a payment to another party. There are twelve different banks involved in the development of we.Trade. Banks such as KBC, HSBC, Deutsche Bank, Santander, UniCredit, Natixis, Société Générale, and Rabobank were a part of the development.We.trade is based on IBM Blockchain platform. The first live operation of the platform was carried out last year in June.
Nordea joined the project in 2017 and soft-rolled out for the customers in April this year.
Located in Finland, Nordea is a major private bank in the Nordic region. The bank’s total equity is 32.4 billion as of 2016 and generated a net income of 3.7 billion in the same year. While the firm is accepting blockchain, it takes a hard line against digital currencies such as cryptocurrencies. Last year, Nordea prohibited its workers from owing bitcoin. Once the ban was announced, Danish finance and workers’ rights figures threatened legal action.
Nordea also closed the account of Bitmynt AS, a Norwegian cryptocurrency exchange in 2017.