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The international banking giant HSBC has liquidated $ 250 billion of forex transactions using blockchain technology in 2018. The company revealed the figure in a press release quoted by the Financial Times (FT) on January 14th.
Through its proprietary blockchain platform called "FX Everywhere", HSBC has managed 3 million transactions, which have been translated into 150,000 payments since it was launched in February.
The technology allows HSBC to "conduct thousands of foreign currency transactions within the bank, on different financial statements, in dozens of countries," said Richard Bibbey, who acts as the head of global currencies.
"FX Everywhere uses generalized accounting technology to dramatically increase the efficiency of these internal flows."
The release did not mention the total payment volumes for the bank last year, Reuters referring to Bibbey as confirming the $ 250 billion represented by a "small" portion of the total.
However, the statistics are impressive, underscoring the opportunities for blockchain absorption in the traditional banking sector despite previous conflicting reviews.
HSBC has engaged in more technology-related projects recently, including the launch of a joint commercial financing platform in Hong Kong in November.
At the Money20 / 20 conference in October in Las Vegas, meanwhile, HSBC's Global Innovation Lead for Global Cash and Cash Management, Craig Ramsey, told the audience that both the blockchain and the cryptocurrency represented a "real challenge" "to inter-bank agreements.
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