Banks prepare to liquidate Irish blockchain venture, Independent.ie says

Fintech • June 5, 2022, 9:04AM EDT

We.trade, a Dublin-based blockchain company established and co-owned by 12 banks, is calling in a liquidator, The Independent.ie reported today.

The joint venture of banks including HSBC, Deutsche Bank and KBC, along with IBM, has called for a creditors’ meeting next week, where a liquidator from PwC may be appointed, the report said. We.trade is seeking to be wound up under the Companies Act, according to a meeting notice.

We.trade, which was established in 2017 to develop a platform for trade finance, has been loss-making, the report said. Its latest accounts, for 2020, show losses of about 8 million euro ($8.6 million).

In 2021 the company raised 5.5 million euro from investors, according to the Global Trade Review.

A person familiar with the company’s operations said that it has been unable to secure more funding, The Independent.ie reported, adding that employees were recently informed of the move to appoint a liquidator.

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.