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Wells Fargo and HSBC Add Chinese Yuan to Foreign Exchange System
Summary: Wells Fargo and HSBC have added the Chinese yuan to their blockchain-based foreign exchange system, according to reports by CoinDesk. The system, which supports the U.S. dollar, British pound, euro, and Canadian dollar, was launched in December 2021 and has settled over $200 billion to date, the banks said Thursday. Many major banks have been ...
Wells Fargo and HSBC have added the Chinese yuan to their blockchain-based foreign exchange system, according to reports by CoinDesk.
The system, which supports the U.S. dollar, British pound, euro, and Canadian dollar, was launched in December 2021 and has settled over $200 billion to date, the banks said Thursday.
Many major banks have been incorporating blockchain technology into their systems in recent years. JPMorgan’s Onyx network, for example, has processed over $300 billion since its establishment in 2020.
Author: Katie Lin
Tags: Blockchain,foreign exchange,HSBC,Wells Fargo,Yuan
Link: Wells Fargo and HSBC Add Chinese Yuan to Foreign Exchange System [Copy]
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