HSBC Conducts Millions Of Blockchain Operations Amounting To $250 Bln
HSBC, a leading global financial conglomerate, declared that all transactions conducted by it using blockchain amounted to the total sum of over $250 billion, CoinDesk reports.
It is stated that within the scope of these transactions, the organization conducted 3 million foreign currencies transfers and 150 thousand payments with the help of the HSBC FX Everywhere blockchain. The bank reported that it used the platform for the whole 2018 for internal monetary transactions but didn’t specify whether it was developed inside the company or is based on an open source protocol.
HSBC points out that its blockchain platform functioned with high efficiency and is expected to offer great opportunities for its usage. The company representatives stress that one of the main advantages of blockchain-based monetary transactions is that payments are made without the need for an external confirmation.
The bank and its clients make thousands of foreign currency payments in many countries and in different amounts, and the platform based on distributed ledger allows managing them more efficiently, Richard Bibbey, one of the HSBC top managers, stated.
After the platform was successfully introduced within the financial institution, the HSBC experts consider options of its usage by international organizations which maintain many accounts and manage numerous money flows in foreign currencies, Bibbey added.
As previously reported, the Indian branch of the HSBC bank and the Dutch ING Bank made the first blockchain deal with a letter of credit in India.