Banks prepare to liquidate Irish blockchain venture, Independent.ie says

We.commerce, a Dublin-based blockchain firm established and co-owned by 12 banks, is looking in a liquidator, The Independent.ie reported at present.

The three way partnership of banks together with HSBC, Deutsche Financial institution and KBC, together with IBM, has known as for a collectors’ assembly subsequent week, the place a liquidator from PwC could also be appointed, the report mentioned. We.commerce is looking for to be wound up beneath the Corporations Act, in line with a gathering discover.

We.commerce, which was established in 2017 to develop a platform for commerce finance, has been loss-making, the report mentioned. Its newest accounts, for 2020, present losses of about 8 million euro ($8.6 million).

In 2021 the corporate raised 5.5 million euro from buyers, in line with the Global Trade Review.

An individual conversant in the corporate’s operations mentioned that it has been unable to safe extra funding, The Impartial.ie reported, including that workers have been not too long ago knowledgeable of the transfer to nominate a liquidator.