Spain’s CaixaBank Launches Blockchain Tech for Foreign Deals

CaixaBank, Spain’s third-largest bank by market value, has officially rolled out its blockchain-based platform we.trade for its corporate clients, Cointelegraph website reported.

Accordingly, it became one of the first banks to offer blockchain technology in Europe through its we.trade platform that ensures security and speed for corporate customers.

“Specifically, the solution provides real-time monitoring of transactions, which increases transparency throughout the process. Since it is a platform which can only be accessed by customers who are verified and authenticated by the member banks, the security and trust element of the transactions is very high,” the company said in its latest statement.

A consortium of 15 major financial institutions such as Societe Generale and UBS has developed the platform that is aimed at making trade transactions more secure around the globe.  

The platform, which is based on IBM blockchain technology, was launched in 2017 to provide companies with a trustless solution platform for securing financial information.

“We.trade gives you a degree of certainty relating to payment after delivery and can eliminate a lot of worries for the future,” said Patrick Klijnjan, managing director at steni Benelux.

CaixaBank holds assets worth €387 billion ($432 billion) until 2018, and operates in nearly 127 countries.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.