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HSBC to Use Blockchain to Track Billions Worth of Assets

While incumbents of the world of traditional finance have been quick to cast aside Bitcoin, they’re not expressing the same sentiment towards blockchain. In fact, banks, prominent investors — Bitcoin skeptic Warren Buffett included — have embraced blockchain, co-opting the technology as a way they ..

HSBC to Digitize Private Placement Records to Track $20B in 2020

News British banking giant HSBC plans to move $20 billion worth of assets to Digital Vault, a new blockchain-based custody platform by March 2020. By deploying the platform, the global investment bank aims to digitize paper-based records of private placements in order to increase standardization a..

Spotlight on Bitcoin as HSBC Shuts Hong Kong Protest-Linked Account

News The need for censorship-resistant currencies like Bitcoin (BTC) has been thrown, yet again, into stark relief as HSBC shutters an account reportedly used to fund Hong Kong protestors. As the Hong Kong Economic Journal reported on Nov. 18, the British multinational bank recently closed a corp..

HSBC, SGX and Temasek Explore Distributed Ledger Tech in Asian Bond Market

News Global banking giant HSBC will explore the use of blockchain for the issuance of fixed income securities in a joint trial with Singapore Exchange (SGX) and investment firm Temasek. Focused on the Asia bond markets, the trial intends to streamline the bond issuance process and reduce associat..

Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off Thousands Worldwide

Banking giants are in trouble and it’s starting to show. Key players in the industry have already announced massive job cuts and executives with hefty salaries have been dismissed. HSBC, the largest bank in Europe, has revealed it plans to lay off over 4,000 employees and Citigroup is preparing to s..

Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels

The recent seizure of a cargo ship owned by JP Morgan, a vessel loaded with 20 tons of cocaine according to latest accounts, highlighted the risks of banks’ involvement in illicit activities, inadvertent or otherwise. And although U.S. authorities released the MSC Gayane after the owner, JP Morgan’s..

HSBC Blockchain Connection Reduces Transaction Time by 40%

News Global banking giant HSBC has tested out its blockchain-based trade finance platform Voltron and reduced transaction time by 40%, the Chartered Institute of Procurement & Supply reported on July 10. To arrange a shipment between Hong Kong and Dubai, HSBC partnered with major retail organizati..

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