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Wherever any firm goes through the consistent losses or fails to show at least expected performance, then they lead to liquidation.
Irish Blockchain venture, We.trade is going to liquidate soon in the wake of worse performance of the company in the past few years. As reported, a Dublin based blockchain company that was established and co-owned by about twelve banks has called out for a liquidator. The blockchain company, We.trade, is a joint venture of banks that include HSBC, KBC, and Deutsche Bank, where IBM is also a significant partner at the firm.
The report stated that these firms backing We.trade have called out for a meeting of creditors next week. The meeting would have an agenda where a liquidator may be appointed from audit, assurance, consulting, and tax service provider PwC. According to a meeting notice, We.trade is looking for a wound up through the Companies Act.
The blockchain venture We.trade was established in 2017 to develop a platform that would serve trade finance. Reports are that the firm has been making losses for a while now, whereas per its latest accounts for the year 2020, W.trade had shown losses of over 8 million euro, that is $8.6 million.
In 2021, We.trade had raised about 5.5 million euro from investors as per the Global Trade Review. A person from inside the company’s operation and familiar with the matter said that We.trade has been unable for a while to secure more funding than it needed. Reports are that employees in the firm have recently been informed about the move taken to appoint a liquidator.
No official comments or statements were made by any person related to higher positions from We.trade yet.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
