Wells Fargo, HSBC Bank To Use Blockchain-powered Solution To Settle FX Transactions

Banking major Wells Fargo is collaborating with HSBC Bank plc in using blockchain technology to power the netting and settlement of matched foreign exchange (FX) transactions by using a shared settlement ledger to process US dollar, Canadian dollar, British pound sterling and Euro transactions. The two banks also plan to extend the platform to settle additional currencies in the near future.

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