TagHSBC

HSBC Completed $250 Billion in Blockchain-Processed Transactions in 2018

HSBC

According to a press release quoted by the Financial Times on Monday, HSBC, one of the largest banking institutions in the world by total assets, reported $250 billion in settled transactions in 2018, using the blockchain technology. The press release revealed that during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. Performed through its...

Newsflash: Bitfinex Suspends Fiat Deposits amid Bitcoin Sell-Off

raid, bittrex international, crypto, ieo

Did cryptocurrency exchange giant Bitfinex play a role in last night’s bitcoin sell-off? As first reported by The Block, the British Virgin Islands-based but Hong Kong-operated exchange has “temporarily paused” EUR, USD, JPY, and GBP wire deposits, although screenshots from customer accounts circulated on social media suggest that the situation should “normalize within a week.” Bitfinex's...

Major Crypto Exchange Bitfinex Obtains Banking Partner in HSBC, Will it Last?

hsbc bitcoin cryptocurrency blockchain

On Oct. 6, Larry Cermak, former editor at Diar and head analyst at The Block, reported that leading crypto exchange Bitfinex obtained a banking partner in HSBC, a $133 billion banking giant based in London. “Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask me. It's also worth mentioning that all EUR, JPY and GBP deposits are paused...

HSBC Whistleblower Who Exposed Money Launderers, Tax Evaders Turns Crypto Promoter

HSBC Herve Falciani

A whistleblower who leaked data exposed tax-evading and money-laundering clients at the multinational financial institution he worked in has just given the finger to the banks once again by lending his efforts to increasing cryptocurrency awareness. Herve Falciani, the former computer systems analyst at banking giant HSBC, is now promoting a cryptocurrency known as Taboow, according to Bloomberg...

Hong Kong Trade Finance Will Fight Fraud With a Blockchain-Based Platform

hong kong

The Hong Kong Monetary Authority (HKMA) has partnered with Chinese Ping An to release a blockchain-based trade finance platform. The joint effort is expected to speed-up the process and prevent fraud. CCN first reported the Hong Kong's de facto central bank's initiative back on March 30. At the time, the bank unveiled a proof-of-concept (PoC) blockchain platform built for trade finance...

HSBC Completes World’s First Blockchain Trade Finance Transaction

hsbc

Financial services group HSBC said on Monday it had for the first time utilised blockchain technology to complete a speedy commercial trade finance transaction that normally takes around a week using normal paper-based processing mediums. The transaction was the first time that a blockchain – the technology which powers cryptocurrencies such as bitcoin – has been used for a commercial trade...

Big Banks are Investing Heavily in Blockchain and Crypto: $364 Billion Investment Firm

wall street

Steve Chiavarone, a portfolio manager at Federated Investors, a US-based investment firm that oversees $364 billion in customer assets, stated that blockchain technology will drive the fourth industrial revolution, echoing the stance of many large-scale investors and politicians, including Seoul mayor Park Won-soon. “When you think about it from an enterprise perspective, it has the ability to...

HSBC Nears Blockchain Deployment for Live Financial Transactions

HSBC

UK-based bank HSBC is close to launching live trade and transactions using blockchain technology. The project was reported in late 2015, with the bank aiming to maximize efficiency and bring real-time awareness and organization to financial systems. According to spokesperson Joshua Kroeker , the bank is almost ready to provide the service after having spent the past two years working through...

Do NOT follow this link or you will be banned from the site!