European Banks Succeeded First Live Blockchain Financial Trades

The group of well-known European banks has completed the first live blockchain-based financial trades across borders through their blockchain platform.

According to the source, over the period of 5 days, the traders were executed among 10 companies and they were facilitated by four banks using blockchain technology.

HSBC bank is the core responsible in setting up the platform, the joint venture. However, last week claiming that three of its clients managed to open accounts transactions via

IBM’s blockchain lead in Europe Parm Sangha said,

“As has moved from pilot applications to conducting live transactions across borders. It has demonstrated the power of blockchain technology in an enterprise setting. To convene a large network of regulated banks and demonstrate how blockchain technology can help them gain efficiencies. And provide greater transparency in live transactions is a disruptive model that has the potential to reshape the future of global trade finance”.

Moreover, was established by HSBC, Deutsche Bank, KBC, Nordea, Rabobank, Santander, Natixis, Societe Generale and UniCredit. Thus, in order to fulfill customers’ expectations and to make cross-border financial transaction more efficient.

Earlier in May it was stated that, was planning to begin testing the platform that expecting commercial release.  Meanwhile, Société Générale mentioned the reason the joint venture can growth rapidly is that it is focusing on small and medium-sized businesses within the country.

Currently, is available across 11 European countries like France, Denmark, Germany, Belgium, Norway, UK, Italy, Sweden and Netherlands. Further, the joint venture expecting to explore into additional markets globally as well as partnering several banks come on board.

The chief operating officer said,

“getting buy-in from additional banks and their customers in Europe and further afield”.

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Image Source: HSBC

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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