The two leading banking organizations HSBC and Wells Fargo are teaming up to deploy a blockchain solution to bolster their foreign exchange transactions. According to Wells Fargo’s Mark Jones, this will be the first instance when a bank will integrate a blockchain-based solution to commence and settle foreign exchange (Forex) transactions in its service portfolio.

Through this agreement, the two banks will jointly use a shared settlement ledger to process foreign currencies such as US and Canadian dollar, British Pound sterling, and Euro, with plans to gradually expand its service domain by accommodating other currencies

HSBC and Wells Fargo are all set to employ blockchain ledger

The two banks will be using a platform provided by Baton systems and will utilize its core distributed …