- HSBC’s blockchain-based system HSBC FX Everywhere slashed forex trading costs by 25%.
- 3,500 to 5,000 trades a day are taking place on the FX Everywhere platform.
Mark Williamson, chief operating officer of FX cash trading and risk management for HSBC, revealed that the bank’s blockchain-based system has helped it cut Forex trading costs by 25%. The blockchain-based platform named “HSBC FX Everywhere” had settled more than $250 billion in transactions last month. Williamson also revealed that 3,500 to 5,000 trades a day are taking place on the FX Everywhere platform, with trades now worth $350 billion.
He said:
“We’re able to demonstrate that this is not a one-off proof of concept or just one or two trades.”
HSBC has been pretty active on the blockchain front:
- In 2015 they joined the R3 blockchain consortium.
- They teamed up with Bank of America and the Singapore government to work on a blockchain supply chain trial.
- They also joined the Utility Settlement Coin (USC) project to make it easier for global banks to conduct a variety of transactions.
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