We.commerce, a Dublin-based blockchain firm established and co-owned by 12 banks, is asking 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 referred to as for a collectors’ assembly subsequent week, the place a liquidator from PwC could also be appointed, the report mentioned. We.commerce is searching for to be wound up underneath the Firms Act, based on 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, based on the Global Trade Review.
An individual accustomed to the corporate’s operations mentioned that it has been unable to safe extra funding, The Impartial.ie reported, including that staff had been lately knowledgeable of the transfer to nominate a liquidator.