LONDON—HSBC and Wells Fargo have begun using a blockchain platform to settle bilateral foreign currency (FX) trades in the latest sign of how technology which underpins crypto assets is spreading to more mainstream activities.
Baton Systems, the company behind the Core-FX distributed ledger technology, or DLT, said on Monday the two banks are using the platform to settle FX trades using real currencies and real accounts, in less than three minutes.
