Banking giant HSBC has recently used blockchain technology in order to settle a $250 billion of foreign exchange trades during 2018.
By utilizing their own private blockchain platform known as ‘FX Everywhere,’ HSBC processed over three million transactions, totaling an estimated amount of 150,000 payments, according to information provided by the Financial Times.
As global head of currencies, Richard Bibbey commented that blockchain technology has allowed HSBC too,
“conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries.”
“FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”
Bibbey further elaborates on the $250 billion of foreign exchange trades stating that its a “small” portion of the company’s total payment volume. With over 7,500 offices in over 80 countries, HSBC has managed to set itself as the fifth largest bank globally.
During May HSBC had claimed it made one of it’s very first global financial transactions utilizing blockchain technology when it issued a letter of credit to Dutch Lender ING for a shipment of soybeans from Argentina to Malaysia for international food and agriculture conglomerate Cargill.