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.

Rajarshi Mitra Independent Analyst

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.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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