European blockchain trading platform we.trade confirmed it had completed its first live operations today, July 3, involving twenty companies and five major banks. The blockchain platform, which claims to provide a “more efficient and cost effective way” for banks and businesses to trade worldwide, uses IBM’s Blockchain Platform, powered by Hyperledger Fabric. Part of various blockchain solutions currently under appraisal by the banking sector, the platform counts Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit as its founding members. Together, according to Dutch institution Rabobank, the collaboration highlights the banks’ ability to “innovate.” “These trade(s) represents …

UK-based banking giant HSBC has reportedly completed the world’s first ever trade finance transaction powered by blockchain, the Financial Times (FT) reported today, May 14. As multiple news outlets report, HSBC, which is the world’s largest trade finance institution, completed a letter of credit for food and agricultural giant Cargill, the US’ largest private company in terms of revenue. The deal in fact processed last week and involved a shipment of soya beans from Argentina to Malaysia. The success of the trial transaction means there is potential for blockchain to take hold in the global trade finance market, which is …

When Federal authorities discovered that the bank HSBC had knowingly laundering money for both drug cartels and terrorists groups, most of the world expected quick indictments to follow. Instead, unfortunately for justice, the United States Justice Department determined that arresting the guilty parties at the bank because of its size would somehow jeopardize the US and possibly even the global economy. The same thing happened in 2009 when it was discovered numerous banks had been engaging in fraudulent practices that eventually led to the 2008 economic crisis. This time, the president decided not to follow up, and for the same …