Contour, the world’s largest blockchain trade finance network, announced today that it is acquiring the rulebook and other associated legal documents from the we.trade Innovation DAC. The acquisition marks the start of consolidation in the blockchain trade finance industry, with Contour leading the charge.
Through this acquisition of legal assets, Contour will be able to accelerate plans to bring-to-market an improved, URDTT-compliant digital open account proposition, alongside its traditional trade proposition of digital Letters of Credit (LC).
In May, we.trade shut down after failing to secure enough capital to continue operations after several years of developing and commercialising a new digitally-native finance tool for trade, which they titled a ‘bank payment undertaking.’ While many commentators have questioned the viability of using blockchain for trade finance, Contour continues to successfully scale the innovative technology to realise its vision of connecting the world’s banks and corporates on one common decentralised network.
This acquisition will drastically reduce the barriers to adding a new open account product to Contour’s growing network of banks and corporates and to ensure progress in trade finance innovation can continue.
Carl Wegner, CEO at Contour said: “The future of trade finance will be led by a few key networks and many solutions. We will be launching more digital products, allowing our bank and corporate clients to experiment with new payment methods on one platform, as Contour emerges at the forefront of developments. The acquisition of we.trade Innovation DAC’s legal assets will help fulfil our vision of building the trade finance network of tomorrow.”