Swift, the New York-based company that settles the majority of the world's currency transactions, is planning to launch a blockchain-based forex service. By lowering the costs of cross-border transactions, the service will help medium and small operations that have been reducing their currency market participation due to increased regulation driving up the costs involved. The new service will use Hyperledger, an open-source collaborative project, which is also used by CLS Group, the global provider of secure financial messaging services.
CLS Group, the New York-based company that settles the majority of the world's currency transactions, is planning to launch a blockchain-based forex service. By lowering the costs of cross-border transactions, the service will help medium and small operations that have been reducing their currency market participation due to increased regulation driving up the costs involved. The new service will use Hyperledger, an open-source collaborative project, which is also used by Swift, the global provider of secure financial messaging services.