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Wells Fargo, HSBC to Settle Forex Transactions Using Blockchain

The banking giants will use a blockchain product to settle U.S. dollar, Canadian dollar, pound and euro transactions.

By Parikshit Mishra, Ian Allison
AccessTimeIconDec 13, 2021 at 10:45 a.m. UTC
Updated May 11, 2023 at 7:02 p.m. UTC
Wells Fargo (Shutterstock)

Wells Fargo (Shutterstock)

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Wells Fargo and HSBC Bank said on Monday they will use a blockchain-based product for settling matched foreign exchange transactions.

  • The two banking giants agreed to use a shared settlement ledger to process U.S. dollar, Canadian dollar, British pound and euro transactions, with plans to expand the process to other currencies in the future.
  • The banks’ blockchain-based settlement system uses HSBC proprietary technology built on Baton Systems “blockchain inspired” CORE distributed ledger technology, an HSBC spokesman told CoinDesk.
  • The announcement comes as other major Wall Street banks, such as Goldman Sachs, are reportedly looking to integrate blockchain technology into their regular processes.
  • JPMorgan is also looking to hire software engineers to focus on “Collateral Blockchain Tokenization,” and is beefing up its Onyx division, which was created to oversee the development of JPM coin, the bank’s wholesale payments token.
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    • UPDATE (Dec. 13, 13:30 UTC): Adds additional comment from HSBC in second bullet.

    Read more: Goldman Sachs, Other Wall Street Banks Exploring Bitcoin-Backed Loans: Sources

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Parikshit Mishra
    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

    Follow @parikshitm899 on Twitter
    Ian Allison
    Ian Allison

    Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

    Follow @IanAllison123 on Twitter

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