Featured Posts

The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

Please reload

Recent Posts

HSBC Bank Reports Blockchain Benefits

February 15, 2019


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

Share on Facebook
Share on Twitter
Please reload

Recent News
Please reload

About Bitcoin Global News

Our platform consist of everything bitcoin. We provide          bitcoin global news, press release distribution, and                bitcoin information.