Wells Fargo, HSBC to Settle Forex Transactions Using Blockchain

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Wells Fargo and HSBC Bank said on Monday that 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, pound and euro transactions, with plans to expand the process to other currencies in the future.
  • The announcement comes as other major Wall Street banks, such as Goldman Sachs, were reportedly looking to integrate blockchain technology into their regular processes.
  • JPMorgan was also looking to hire software engineers to focus on “Collateral Blockchain Tokenization,” and was beefing up its Onyx division, which was created to oversee the development of JPM coin, the bank’s wholesale payments token.

Read more: Goldman Sachs, Other Wall Street Banks Exploring Bitcoin-Backed Loans: Sources


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