The London-based Barclays bank (NYSE: BCS) has joined the consortium founded by CLS Group, CoinDesk reports.
The cash settlement system provider CLS Group started the foreign exchange-focused blockchain consortium last year. The group can boast JPMorgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS) and Bank of China and many other major financial institutions among its members.
The consortium specifically aims to use the open-source Hyperledger Fabric blockchain to create new channels for foreign exchange and is focused at bringing new levels of efficiency and security to the forex settlements industry.
CLS Net platform is expected to let participants trade global currencies using six different kinds of blockchain-based products which can be used as an alternative to existing Swift solution.