BLOCKCHAIN PLATFORM WE.TRADE REPORTS HALVING WORK FORCE

The blockchain trading finance platform, backed by big banks, has reportedly laid off almost half of its workforce due to a lack of funds.

Due to ongoing financial difficulties, IBM Hyperledger-backed trade finance blockchain platform we.trade laid off almost half of its workforce.

According to the Global Trade Review report, “more than a dozen employees” were laid off, most of which belonged to the company's commercial and product-oriented sectors.

We.the trade was jointly funded by 12 influential banks and financial institutions, including Deutsche Bank, HSBC, Rabobank, Santander and Société Générale. Less than a month ago, IBM bought a 7% stake in the company.

We.trade has had fairly little success in bringing banks to use blockchain technology. In August 2019, HSBC, we.it was the first bank to make a transaction through Hyperledger on the trade platform. Earlier this year, CaixaBank, a major Spanish bank, added to its 15.8 million customers to make transactions more traceable and secure.it began providing the service of the trade platform.