Europe news

Published: February 1, 2017

Blockchain trade boost for European SMEs

Seven major European banks are building a Blockchain platform specifically for SMEs that will help simplify, secure and boost their trade transactions across the continent.

The move towards harnessing the capabilities of Blockchain technology in trade has gathered pace across Europe with some of the continents largest banks joining forces to develop a platform for SMEs that will span seven countries.

The platform is expected to go live before the end of the year, and once it is up and running there are plans to expand the initiative to Central and Eastern European (CEE) markets too. 

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit signed a Memorandum of Understanding to collaborate on the development and commercialisation of the platform. They appear to be fully dedicated to the project, and committed to providing the necessary resources to make it happen. 

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