Credit Suisse and ING complete €25 million securities transaction using Blockchain Technology
The financial industry begins to use Blockchain Technology for a securities transaction.
In this unprecedented transaction, two important banks, Credit Suisse Group AG and ING Groep completed a 20 million euros ($30.5 m) securities transaction, demonstrating how blockchain technology can help make the securities lending process faster and more capital efficient.
Using a blockchain application developed by HQLAx, they swapped baskets of securities making this one of the first real-life capital markets transaction of its kind.
We have seen big Banks globally investing millions of dollars in blockchain applications. A number of important banks have stated, that if they do not invest in blockchain technology, they may start to lose the battle against cryptocurrencies and these new financial services.
JP Morgan Chase & Co, the largest bank in the US, hopes that with Blockchain technology they will be able to make transactions in US dollars faster. The Bank of America, US second largest bank, has filed over 20 patents related to Blockchain or digital currencies since 2014.
Charley Cooper, managing director at R3, a blockchain consortium of over 100 financial firms and creators of HQLAx said:
“This was far more than a proof of concept in a fenced lab. These are regulated institutions in a real market and it is a unique demonstration that blockchain solutions are being deployed in commercial settings.”
Video: HQLAx Corda Process Explained
