Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Banking Giants Wells Fargo and HSBC To Use New Blockchain Platform To Settle Global Forex Trades

by Daily Hodl Staff
December 13, 2021
in Blockchain

Banking behemoths Wells Fargo and HSBC Bank are teaming up to use a blockchain solution for netting and settlements of matched foreign exchange (forex) transactions.

According to Wells Fargo’s co-head of macro division Mark Jones, this will be the first time the bank has utilized blockchain technology in forex settlements.

The two banks will be using a platform provided by payments firm Baton Systems using its proprietary CORE distributed ledger, which aims to be a frictionless, blockchain-based settlement system.

According to the announcement,

“The platform enables participants to efficiently settle bilateral cross border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP [Payment versus payment] risk reduction opportunities.”

The ledger will start off processing the US dollar, Canadian dollar, British pound, and Euro, with plans to settle with more currencies in the near future.

The new offering will build on HSBC’s FX Everywhere platform, which has settled over three million intrabank trades worth more than $2.5 trillion in the past 3 years, according to the press release.

Mark Williamson, global head of FX partnerships & propositions at HSBC said the bank was aiming to be well placed for transacting in ‘”new forms of regulated digital currencies such as central bank digital currencies (CBDCs).”

As part of the implementation, Wells Fargo and HSBC will be adhering to the Baton Rulebook, which is a regulatory framework designed to provide legal certainty around settlement finality.

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Philipp Tur/Sensvector

Submit a Press Release

Industry Announcements

  • Spritz Finance Launches Direct Wallet Pay, an Easy Way To Pay Real-World Bills With USDC From Any Crypto Wallet
    July 5, 2022
  • Metaverse Summit To Accelerate Open Metaverse and Web 3.0 With International Leaders
    July 5, 2022
  • Swappi (PPI) Announces First Exchange Listing on BitMart
    July 1, 2022
  • Yield App Joins Forces With Unstoppable Domains To Simplify Web 3.0 Journey
    July 1, 2022
  • ARK Has Introduced a New Blockchain Consensus Technology
    June 30, 2022
  • Cantina Royale Taps Elrond Apes To Boost Its In-Game Cross Chain NFT Collections
    June 28, 2022
  • Saddle Finance Announces End of Lock-Up Period for Its SDL Token
    June 24, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$20,293.00
$20,293.00
2.17%
Ethereum
$1,146.63
$1,146.63
1.74%
Cardano
$0.457836
$0.457836
0.94%
XRP
$0.324095
$0.324095
0.29%
Dogecoin
$0.067902
$0.067902
0.66%

Spotlight

  • Crypto Analyst Michaël van de Poppe Issues Bitcoin Warning, Updates Ethereum Outlook As Markets Dive
    June 30, 2022
  • Bitcoin (BTC) Approaching ‘Peak Opportunity’ Zone, According to Top Crypto Trader
    July 3, 2022
  • Despite Market Crash, Top Analyst Says There’s Still No Better Risk-To-Reward Asset Than Bitcoin (BTC)
    June 28, 2022
  • Bitcoin (BTC) Could Pop by the End of 2022, According to Deutsche Bank Analysts – Here’s Their Target
    July 1, 2022
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl