One of the largest financial conglomerates HSBC said that the volume of committed transactions on the blockchain exceeded $250 billion, writes CoinDesk.

Bank representatives noted that a financial institution has conducted 3 million transactions on foreign exchange and 150 thousand payments using the HSBC FX platform Everywhere platform. The company clarified that this platform was used in the past year for domestic operations.

HSBC also said that the platform has demonstrated high efficiency and has opened up opportunities. Among the indisputable advantages of blockchain-payments, the representatives of the Bank called “no need for the transaction confirmation from the outside.”

“After the successful introduction of technology in internal processes of the Bank we now examine the possibility of applying this technology for multinational companies who need to maintain many accounts to coordinate cross-border supply chain and who need to improve control of the flow of foreign currency”, — said the head of HSBC in the foreign exchange markets and commodities Richard Bibby.

Earlier, HSBC was involved blockchain platform Corda for operations with letters of credit.