Wells Fargo and HSBC expand their blockchain-based foreign exchange trading settlement system to include offshore renminbi

ChainCatcher news, Wells Fargo (WFC) and HSBC have expanded their blockchain-based foreign exchange settlement system to include offshore renminbi.

The system first debuted in December 2021, supporting US dollars, British pounds, euros, and Canadian dollars, and has settled over $200 billion in transactions to date. The system utilizes HSBC's proprietary technology, which is built on Baton Systems' blockchain-inspired CORE distributed ledger technology.