HSBC Processed $250 Billion Using Blockchain
HSBC, the largest financial conglomerate in the world, said it processed $250 billion in transactions using blockchain technology.
According to the bank, it managed to make 3 million transactions and 150,000 payments through its blockchain platform HSBC FX Everywhere. The bank utilized this platform last year to conduct internal transactions.
Thanks to the blockchain platform, the bank was able to confirm that transactions took place without the need for external confirmation. According to the financial institution, HSBC FX Everywhere showed "significant efficiency and prospects."
After successful test within the system, the bank is exploring how the blockchain platform can help clients and organizations in optimizing their cash flow.