HSBC Completes LC Transaction On Blockchain

The HSBC (a major banking firm) has completed its first-ever corporation-border Letter of Credit (LC) transaction dominated in Chinese Yuan on a blockchain. The regional head for Asia-Pacific, Ajay Sharma explained, “We are hoping that we will have something by end of the year, maybe the first quarter of next year, where will we know from Voltron what it costs, at which point, a lot of banks who might be sitting on the sidelines will be able to make a decision.”

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