HSBC Says It’s Settled $250 Billion in Trades With Distributed Ledger Tech

HSBC, one of the largest banks in the world, announced Monday it had settled more than $250 billion in transactions using distributed ledger technology (DLT).

The bank said in a press release that it settled 3 million foreign exchange (FX) transactions and made a further 150,000 payments using its HSBC FX Everywhere platform. The company said it has been using this platform for the last year “to orchestrate payments across HSBC’s internal balance sheets.”

HSBC’s platform has resulted in “significant efficiencies and opportunities,” the release added. The bank did not specify if FX Everywhere was developed completely in-house or built on an open-source protocol.

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