A new crypto press release is in the latest headlines on our DC Forecasts crypto news site. In it, the Financial Times quotes HSBC, one of the largest banking institutions in the world by total assets, reporting $250 billion in settled transactions in the past year using the blockchain technology.
As the press release outlined, during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. All of them were processed through the blockchain platform “FX Everywhere” in which the bank says that it has processed 150,000 payments since the platform launched in February 2018.
At the time, the financial services group used the technology to issue a letter of credit to agriculture firm Cargill, which covered the transportation of produce from Argentina to Malaysia and issued by the Netherlands financier ING.
FX Everywhere is a platform that helps with “orchestrating payments across HSBC’s internal balance sheets,” while the reports suggest that it saw heavy adoption over the last year. The company also revealed that the settlements were made easier thanks to this blockchain-based platform.
Meanwhile, this is not the first attempt by HSBC to explore applications of blockchain technology over the past year. Last year, it partnered with Standard Chartered, BNP Paribas and other banks in order to finance a blockchain trade finance platform.
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