Bitcoin Global News (BGN)
February 15, 2019 -- ADVFN Crypto NewsWire -- U.K based global bank
HSBC settled $250 billion worth of forex trades using their
blockchain based platform in 2018. The value was compiled through a
total of 3 million forex trades in that time, and the platform has
made over 150,000 payments as well. The company notes that these
totals were only a small portion of their total forex trading
activity. But more importantly, the technology shows great promise
for the industry, as they also point out that their platform was
able to save the bank and its customers 25% in cost associated with
processing international forex trading.
“We going at a pace now. We’re able
to demonstrate that this is not a one-off proof of concept or just
one or two trades.” - Mark Williamson, chief operating officer of
FX cash trading and risk management
FX
Everywhere
The blockchain based trading
platform, called FX Everywhere, currently processes 3,500 to 5,000
traders per day. The blockchain network creates a shared database
that can securely process and settle transactions without the need
for third-party checks. Because of this HSBC is able to coordinate
payments across its Americas, Europe and Asia Pacific trading hubs
on the platform, allowing multiple parties to amend and update
transactions in real time.
“The more participants that you have
joining the HSBC shared permissioned ledger and the ecosystem, the
more efficient we’re going to become in providing services to our
clients.” - Williamson
Proceeding With
Caution
HSBC has been involved in numerous lawsuits of fraud relating to
international trade. Back in 2008 one of their top programming
employees left the company after releasing a spreadsheet containing
the names of 130,000 potential tax evaders. Since then, the French
whistleblower Hervé Falciani has moved to Spain, where the Spanish
government does not recognize any charges against him for causing
the disruption to HSBC.
Still in pursuit of keeping the
financial industry clean, Falciani is now looking to launch a
cryptocurrency. In collaboration with his non profit organization
Tactical Whistleblowers, the group hopes that the token will be
picked up by regulatory authorities to be used as a means of
ensuring money is clean, and transactions are not conducted
fraudulently.
Tactical
Whistleblowers
Based in Valencia, and includes a
number of academics the group is composed of mostly mathematicians,
from the Valencia Polytechnic University in eastern Spain. The
group has prepared 5 million Tabu tokens, worth 2 million Euros,
that will be offered to investors once the National Securities
Market Commission, Spain’s financial regulator, gives the project
its approval. In addition to this they plan to launch a blockchain
system that can be used to authenticate government procurement
contracts.
By: BGN Editorial Staff