Banking giants Wells Fargo & HSBC announce plans to use blockchain in settling forex transactions

Banking giants Wells Fargo and HSBC have announced plans to leverage blockchain technology in settling matched foreign exchange transactions.

In a press statement, the two entities indicated that they will deploy the blockchain-based solution that uses a shared settlement ledger to process US dollar, Canadian dollar, British pound sterling, and Euro transactions.

The banks added that they have an elaborate plan to incorporate other currencies in the future alongside introducing a central Financial Market Infrastructure (FMI) provider to administer the platform’s rulebook.

According to the financial institutions, the product seeks to utilize blockchain technology’s advantages, such as real-time transparency.

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