NFT Collection The Superlative Secret Society Price, Stats, and Review
Ripple Asks Court to Reject SEC’s $2 Billion Penalty Request in XRP Case
Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight
Bitcoin’s 10 days of selling: Volatility is here, what should you do?
Ethereum holds $3K, for now – How can ETH’s price stay above it?
Shiba Inu Lead Developer Shytoshi Kusama Reveals The Status Of ShibaSwap 2.0
Jack Dorsey’s Block Targets Chip Advancement With 3nm Bitcoin ASIC Mining Rig
Bitcoin fees crash from $2.4M to $10 post-halving – What’s going on?
Institutional Digital Assets: The Future of Finance Is Here
Bitcoin address types compared: P2PKH, P2SH, P2WPKH, and more
U.S. SEC delays Grayscale spot Ethereum ETF
K33 Research cautions Mt. Gox’s imminent $9B payout could impact Bitcoin (BTC)
Bitcoin’s ‘DeFi summer’: After Runes, how will Stacks’ Nakamoto help BTC?
Analyst Says XRP Price Will Reach $100, But This Needs To Happen First
World Economic Forum Says 98% of Central Banks Are Preparing To Launch CBDCs As Finance Enters ‘Next Phase’
$1,000,000 or More? Billionaire Crypto OG Brock Pierce Unveils ‘Reasonable’ Price Target for Bitcoin
Jailed Binance Exec’s Bail Hearing in Nigeria Postponed Until May 17
Analyst: At Least 3 Meme Coins Will Have A Market Cap Of Over $100 Billion In This Bull Cycle
Venezuelan State Oil Company to Accelerate USDT Adoption for Settlements; Tether Vows to Uphold OFAC Sanctions
BONK surges by 52%: Should you ride the wave or cash out?
Controversy Swirls Around Bitcoin’s BIP-420: Push Behind Opcode ‘Isn’t in Good Faith,’ Says Developer
Binance to list Renzo as 53rd Launchpool token
HSBC Reports 25% Savings in Forex Trade Settlement Using Blockchain
London-based banking giant HSBC has revealed its blockchain-powered platform cut costs for forex trade settlement by a quarter.
London-based banking giant HSBC has revealed its blockchain-powered platform cut costs for foreign exchange (forex) trade settlement by a quarter, Reuters reported on Feb. 14.
According to Mark Williamson — chief operating officer of forex cash trading and risk management at HSBC — the bank processes anywhere between 3,500 and 5,000 trades a day using its proprietary blockchain solution “FX Everywhere.” These trades, worth $350 billion, demonstrate “[w]e’re going at a pace now [...] this is not a one-off proof of concept or just one or two trades.”
Williamson notably did not disclose the overall volume or value of forex trades settled by the bank using legacy processes — noting only that the blockchain-powered settlements represented a small proportion of the total.
In offering significant cost reductions of 25 percent, Reuters notes that the project shows the effective use of blockchain technology at scale by a major player in the global banking industry.
The platform — based on a distributed, but permissioned, ledger — reportedly allows HSBC to coordinate payments in real time across its trading hubs in the Americas, Europe and Asia Pacific.
Williamson told Reuters that HSBC is using the system to settle “billions of dollars” worth of payments each day with effective real-time risk management — again declining to give an exact figure for daily transactions. Nonetheless the COO reportedly forecast that a significant proportion of overall internal flows are likely to be settled on the system, adding:
“The more participants that you have joining the HSBC shared permissioned ledger and the ecosystem, the more efficient we’re going to become in providing services to our clients.”
As previously reported, HSBC’s last update on FX Everywhere was this January, when the bank revealed the platform had by then handled 3 million transactions (150,000 payments) — worth $250 billion — since its launch in Feb. 2018.
Beyond forex, HSBC is also one of a dozen banks to have launched a new blockchain trade finance platform last October, alongside BNP Paribas and Standard Chartered.
