Banking giants to use blockchain technology product to settle transactions in US dollars, Canadian dollars, pounds and euros
The announcement comes at a time when other major Wall Street banks were looking to integrate blockchain technology into their processes (Brendan McDermid / Reuters)
Banks Wells Fargo and HSBC announced this Monday 13, that will use a blockchain-based product for the settlement of foreign exchange transactions.
The two banking giants have agreed to use a register Shared settlement (led pound) to process transactions in US dollars, Canadian dollars, British pounds and euros, with plans to expand the process to other currencies in the future.
The announcement comes at a time when other major Wall Street banks, such as Goldman Sachs, were looking to integrate blockchain technology into their processes.
JPMorgan also announced openings to hire software engineers to work on tokenization of collateral assets using blockchain, further strengthening its Onyx division, which was established to oversee the development of the JPM currency, the payment token. wholesale banking, and to work with cryptoassets.
Text translated by Mariana Maria Silva and republished with permission from Counter
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