Trade Finance Platform We.Trade on the Brink of Liquidation, Report says - BitcoinEthereumNews.com
TeknolohiyaTrade Finance Platform We.Trade on the Brink of Liquidation, Report says06 / 05 / 2022Balita ng Ethereum ng Bitcoin We.trade, a trade finance platform, established as a joint venture among multinational firms, including 12 banks is on the brink of liquidation, The Independent.ie ulat. The Irish startup has notably sent a notice of liquidation to its employees and it is calling for a creditors meeting next week where it may appoint a liquidator from one of the Big Four auditing giants, PwC. The move to liquidate the startup stems from its growing loss records with the Independent reporting that the startup lost as much as $8.6 million (8 million Euros) in the 2020 financial year. Founded in 2017, We.Trade has garnered interest from the likes of IBM which sumali the firm back in 2020 as it was expanding its blockchain strategy at the time. There are as many as 12 banks that are part of the We.Trade joint venture, including HSBC, became the first banking institution to finance a trade using the Hyperledger Fabric. The inaugural interests from We.Trade stirred the startup to hindi makatatakas as much as 5.5 million Euros back in 2021, and the failure to secure additional funding has led to