HSBC has been operating blockchain-based forex payments for just ten months but has seen huge growth.
International banking giant HSBC settled $250 billion of forex trades using blockchain technology in 2018. The company has revealed the figure in a press release quoted by the Financial Times (FT) Jan. 14.
Through its proprietary blockchain platform dubbed “FX Everywhere,” HSBC handled 3 million transactions, which translated into 150,000 payments since it launched in February.
The technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” FT quoted Richard Bibbey, acting global head of currencies as saying.
“FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”
The release did not mention the overall payment volumes for the bank last year, Reuters referencing Bibbey as confirming the $250 billion represented a “small” portion of the total.
The statistics are nonetheless impressive, underscoring the opportunities for blockchain uptake in the traditional banking sector despite previous mixed reviews.
At October’s Money20/20 conference in Las Vegas meanwhile, HSBC’s Global Innovation Lead for Global Liquidity & Cash Management, Craig Ramsey, told audiences that both blockchain and cryptocurrency posed a “real challenge” to interbank settlements.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.