HSBC acknowledges the capabilities of this altcoin project in cross-border payments. Additionally, HSBC highlights the FX broker’s massive first-year trading volume of $250 billion.
HSBC recognized this altcoin as a game changer!
In a groundbreaking recognition of the transformative potential of distributed ledger technology (DLT), HSBC, Europe’s largest bank by total assets, referred to the XRP Ledger for cross-border payments (XRPL). The Bank said, “Distributed Ledger Technology is Changing the Game in Capital Markets. He made this admission in a document titled “Future Trends in Securities Services”.
Specifically, Edward Farina, Head of Social Adoption at XRPHealthcare (XRPH), shared a screenshot from the so-called document on Twitter. Thus, this intriguing situation arose. The screenshot captured part of the HSBC document that recognized DLT as a “game changer” in the financial industry. Farina gave the following statement in her sharing:
HSBC, the largest European-based Bank by total assets, is talking about XRP Ledger for cross-border payments. The Financial Institution alone processes approximately 250 billion dollars of foreign exchange transactions per year. He also referred to DLT as a “game changer”.
HSBC, the largest Europe-based Bank 🏦 by total assets, mentions the #XRP Ledger for cross-border payments.
The Financial Institution alone handles nearly $250bn per year in foreign exchange.
It also referred to DLT as a “game changer.” pic.twitter.com/Wm2ObQ4vSj
— EDO FARINA 🅧 XRP (@edward_farina) May 31, 2023
In the document, HSBC outlines several compelling applications for DLT in capital markets. Thus, it highlights the potential to streamline processes and increase efficiency. The bank highlights DLT’s role in the payments industry and its ability to facilitate end-to-end value transfers while reducing costs, operational risks and settlement times.
A notable example in the document was the Ripple Blockchain XRP Ledger, which HSBC famously describes as “real-time cross-border settlements using tokens representing central bank currencies.” HSBC acknowledges that XRP Ledger facilitates instant and secure cross-border transactions. In this context, it highlights its ability to transform the traditional currency environment.
HSBC Application processes 250 billion dollars
The document underlines the magnitude of their operations. Accordingly, it revealed that HSBC’s FX Everywhere tool handled more than three million inter-company foreign exchange transactions worth $250 billion in its first year alone. By integrating XRP Ledger into its operations, HSBC expects significant developments in cross-border payments. Thus, it aims to offer its customers faster and more cost-effective options.
The mention of XRP Ledger in the document of such a leading financial institution is very important. Because it highlights the growing recognition and adoption of XRP Ledger in the traditional banking industry. As Cryptokoin.com reported last month, XRPL has crossed an important milestone by reaching its eighty millionth closed ledger with a ten-year effort.
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