Wells Fargo and HSBC Launch Blockchain for Currency Exchange | Cryptocurrency Bitcoin NEWS
Wells Fargo and HSBC Launch Blockchain for Currency Exchange Settlement
In a joint press release, Wells Fargo and HSBC said they will use the blockchain to process transactions in US dollars, Canadian dollars, British pounds and euros. In the near future, banks are planning to add other currencies.
The release says the adoption of blockchain will provide the two banking giants with clear settlement status for agreed Forex transactions in the aforementioned currencies. The solution is expected to reduce the risks and costs of handling foreign currency settlements. Mark Jones, head of macro finance at Wells Fargo, said the bank had not previously used blockchain for foreign currency settlements.
“For the first time, we will use blockchain technology in the process of settlements for international payments. We are thrilled to be partnering with HSBC on a project that puts both organizations at the forefront of blockchain innovation. We believe this will be the first step in harnessing transformative technologies in our industry in the years to come. ”
Mark Williamson, head of foreign exchange partnerships and proposals at HSBC, said that this project is very promising against the backdrop of global digitalization.
"As financial services continues to digitize the means of storing payments and value on the blockchain, we are delighted to be working with Wells Fargo to implement this important international digital highway for confirmation and settlement of foreign exchange transactions."
