HSBC settles $250 billion of FX trades using blockchain
- 3 months ago
Thanks to blockchain platform “FX Everywhere” HSBC has handled over 3 million transactions equalling to 150,000 payments which have amounted to a figure around $250 billion.
Head of global currencies, Richard Bibbey, stated that the technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries.”
“FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”
The technology is being implemented by HSBC in other projects such as the launch of a trade finance platform in Hong Kong last November and continues to seek opportunities to implement the technology within its structure.
Source: Smart Trend Team