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Wells Fargo, HSBC to Settle Forex Transactions Using Blockchain
The banking giants will use a blockchain product to settle U.S. dollar, Canadian dollar, pound and euro transactions.
Wells Fargo and HSBC Bank said on Monday they will use a blockchain-based product for settling matched foreign exchange transactions.
- The two banking giants agreed to use a shared settlement ledger to process U.S. dollar, Canadian dollar, British pound and euro transactions, with plans to expand the process to other currencies in the future.
- The banks’ blockchain-based settlement system uses HSBC proprietary technology built on Baton Systems “blockchain inspired” CORE distributed ledger technology, an HSBC spokesman told CoinDesk.
- The announcement comes as other major Wall Street banks, such as Goldman Sachs, are reportedly looking to integrate blockchain technology into their regular processes.
- JPMorgan is also looking to hire software engineers to focus on “Collateral Blockchain Tokenization,” and is beefing up its Onyx division, which was created to oversee the development of JPM coin, the bank’s wholesale payments token.
UPDATE (Dec. 13, 13:30 UTC): Adds additional comment from HSBC in second bullet.
STORY CONTINUES BELOW
Read more: Goldman Sachs, Other Wall Street Banks Exploring Bitcoin-Backed Loans: Sources
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
