HSBC Plans to Track $20 Billion Worth of Assets on the ‘Digital Vault' Blockchain Platform

    HSBC Bank will look to transfer $20 billion worth of assets to the Digital Vault blockchain-based custody platform which will enable investors to access real-time records of securities.

    HSBC Bank has plans to track $20 billion in assets on a custody platform based on a blockchain by March 2020.

    According to a Reuters report, the bank is looking to swap its paper-based records with the Digital Vault platform, which will allow the real-time tracking of securities. By digitizing the private placement of records, the UK-based bank will make it easier for its investors to check their holdings.

    Paper-Based Records Will No Longer Be an Option

    As the report says, keeping the records on paper up until now makes it tricky to access and takes a lot of time. It seems like HSBC will only transfer 40% of its records onto the blockchain. At the moment, the bank holds $50 billion worth of assets.

    Savings Expected at the End of 2021

    Using a blockchain-based platform can save HSBC a lot of money, but at the moment the bank can’t quantify how much could be saved. Independent consultant Windsor Holden said he expects the savings to be announced late in 2021, as soon as the platform has got a chance to work.

    HSBC Has Been Experimenting with the Blockchain for Over a Year

    It’s been a year since HSBC is experimenting with blockchain tools. Back in January 2019, it has announced the settlement of 3 million foreign exchange transactions on a blockchain platform, transactions that traded about $250 billion and included 150,000 other payments. More than this, it has given signals that it may be using a blockchain for digitizing letters of credit.

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    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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