London-based banking giant HSBC has revealed its blockchain-powered platform cut costs for foreign exchange (forex) trade settlement by a quarter, Reuters reported on Feb. 14.
According to Mark Williamson — chief operating officer of forex cash trading and risk management at HSBC — the bank processes anywhere between 3,500 and 5,000 trades a day using its proprietary blockchain solution “FX Everywhere.” These trades, worth $350 billion, demonstrate “[w]e’re going at a pace now [...] this is not a one-off proof of concept or just one or two trades.”