Author: Daniel Palmer / Source: CoinDesk
An HSBC executive has said that the bank’s blockchain-based system has helped it cut the costs of settling foreign exchange trades.
Speaking to Reuters, Mark Williamson, chief operating officer of FX cash trading and risk management, who oversees the blockchain project, said that its HSBC FX Everywhere platform saved it 25 percent as compared with traditional methods.
Last month, the bank announced it had settled more than $250 billion in transactions using its HSBC FX Everywhere platform.
It said then that it had settled 3 million foreign exchange transactions and made a further 150,000 payments over the digital ledger system, which it has been using…