HSBC makes first yuan-denominated blockchain transaction

Pedro Gonçalves
clock • 3 min read

HSBC completed the first yuan-denominated blockchain-based letter of credit transaction, the bank said on Tuesday. The transaction was executed through Voltron, a trade finance platform developed by eight banks including BNP Paribas, Standard Chartered and HSBC itself.   The transaction involved a Hong Kong-based supplier exporting LCD parts and panels to its Shenzhen-based parent company. Conventional document exchanges take five to 10 days compared to the 24 hours required through ele...

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