One of the largest banking and financial services institutions in the world, HSBC, has settled $250 billion worth of forex operations via blockchain technology, Reuters reports.
HSBC states it has settled over three million forex trades and made over 150,000 payments since February using blockchain.
"Following successful implementation inside the bank, we are now exploring how this technology could help multinational clients – who also have multiple treasury centres and cross-border supply chains – better manage foreign exchange flows within their organisations," said Richard Bibbey, HSBC’s interim global head of FX and commodities.
The bank claims its blockchain-based technology has automated manual processes and reduced its reliance on external technology.
Last year, in November, British multinational banking invested $36 million in a crypto startup Axion, which is a tech provider of blockchain-as-a-service products.
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