CaixaBank uses blockchain technology through the We.Trade platform

CaixaBank has added the digital trading platform we.trade to its catalog of business services.
This means that it has become one of the first European banks to grant customers access to blockchain technology.

The blockchain we.trade platform offers speed, simplicity and security for all parties in international trade transactions. It was developed by a consortium of 15 European financial institutions. The digital platform was implemented by nine founding banks – Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale (SocGen) and UniCredit. These banks were joined by CaixaBank, Erste Bank and UBS.

We.trade allows importers and exporters to conduct their trading operations in a simple and easy-to-use digital format.

CaixaBank uses blockchain technology

According to the official statement, we.trade is the first external trading platform based on blockchain technology in Europe. Its objective is to increase the security and traceability of national and international commercial transactions.

Specifically, the solution offers real-time monitoring of transactions, which increases transparency throughout the entire process. As it is a platform that can only be accessed by the customers verified and authenticated by the member banks, the security and trust element of the transactions is very high.

The we.trade platform generates smart contracts that link the trading operation with the fulfillment of trading conditions. This prevents any implicit risk for companies, which can help stimulate the international expansion of the activity.

CaixaBank uses blockchain technology and is one of the first European banks to identify the potential of financial services technology. The Spanish bank actively participates in various consortia that develop innovative solutions based on this technology. Digitization is essential in CaixaBank’s business model, which has the largest digital customer base in Spain (6.3 million).

In Spain, CaixaBank is the third largest bank in size, but operates in approximately 127 countries.