HSBC’s Blockchain Platform Settled $250 Billion in Forex

HSBC’s Blockchain Platform Settled $250 Billion in Forex

London Based banking giant HSBC reported it had settled 250 billion dollars of forex trades in its Blockchain powered platform in 2018, according to a report published by Reuters.

HSBC platform FX Everywhere is a blockchain powered system that uses distributed ledger technology to increase the efficiency of internal flows. The bank conducted 3 million foreign exchange transactions and made over 150,000 payments just in 2018.

“HSBC would not give data on forex trades settled by traditional processes, saying only that those settled by blockchain represented a ‘small’ proportion,” says Reuters.

The DLT platform completes and verifies payments settlements with no external confirmation required. According to the report, HSBC is confident and demonstrating that its Blockchain technology has automated manual processes with high top efficiency.

“Blockchain has also lowered the risks of errors and delays, cut costs, and helped the bank to better optimise its balance sheet,” Reuters quoted HSBC.

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