Spain-based CaixaBank added the blockchain-powered finance platform We.trade to its list of services. CaixaBank has now become one of the first banks in Europe to provide its customers access to blockchain technology.

Launched in 2017, We.trade is a finance platform powered by IBM’s blockchain technology. It was developed by a consortium of 15 financial institutions from around Europe and it works to provide businesses with a digital, trustless platform for verifying financial information.

We.trade uses blockchain to facilitate the transaction process for suppliers and buyers on a single, shared platform. The platform also generates smart contracts that link the trading operation with the financing or payment that prevents any default risk for companies, which can increase business globalization.