Switzerland bank, UBS is going full force on its blockchain trading platform, we.trade. The giant bank went on live on the platform since early October but only went on full force just now.
The platform provides financial trading service for small and mid-size enterprises (SMEs). Reportedly, other banks in Europe which haven’t joined the platform are soon to join the platform.
Representatives of USB stated that we.trade is reaching out to customers “on a one-to-one basis”, in an article released by Coindesk. The platform aims to create awareness of its blockchain-based platform and to educate users how it works.
Already, we.trade is now ahead of its rival. Indeed, it currently only has Marco Polo as its rival. And the US trade finance blockchain backed by TradeIX and R3 is still on the pilot stage. At this early stage of going live, we.trade is making approach to attract more banks and onboard more SMEs in Europe.
How UBS we.trade might be the world’s biggest blockchain finance trade platform
A series of banks including HSBC, Santander, UniCredit, Nordea, KBC Bank, RaboBank, Deutsche Bank and Société Générale have already use the platform to settle trade contracts.
Other banks including three main banks of Czech Republic which hold 80% of the market in the country are also joining the platform next year.
The banks on we.trade are not only joining as the platform’s investor, but really users. And with more banks joining the platform, they are encouraging their clients to use we.trade. In the future, the platform plans to add features in the platform that allows clients to invite their partners to join the platform.
UBS set the prices on the platform in a huge range. Starting from $2,000 per month for early users, to full annual membership license at $175,000. The platform also offers a trial project that costs $75,000 a year.
Meanwhile in the Asian sector, Hong Kong SFC is launching its first guidlines for fund companies working with virtual asset (cryptocurrency).