HSBC SETTLES FX DEALS WORTH $250 BILLION ON BLOCKCHAIN.
HSBC settles FX deals worth $250 billion on blockchain in last year
LONDON (Reuters) – HSBC has settled $250 billion (£194.15 billion) worth of forex trades using blockchain in the last year, it said on Monday, suggesting the heavily hyped technology is gaining traction in a sector until now hesitant to embrace it.
The bank has settled over three million forex trades and made over 150,000 payments since February using blockchain, it said in a statement. HSBC would not give data on forex trades settled by traditional processes, saying only that those settled by blockchain represented a “small” proportion.
Still, the data marks a significant milestone in the use of blockchain by mainstream finance, which has until now been reluctant to start using the technology at any scale. READ MORE..