HSBC: Blockchain slashed Forex trading costs by 25%
|- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.