Bitcoin Daily: HSBC — Blockchain Makes FX Trade Cheaper; QuadrigaCX Representation Delayed In Court

HSBC‘s blockchain-based system has helped the bank save 25 percent on foreign exchange (FX) trades. The bank facilitates payments across its American, European and Asia-Pacific trading hubs via its HSBC FX Everywhere platform, which launched last year and uses a shared permissioned ledger that allows multiple parties to make changes and update in real time.

HSBC recently revealed that it had settled more than $250 billion in transactions via the platform. Mark Williamson, chief operating officer of FX cash trading and risk management, told Reuters that HSBC processes from 3,500 to 5,000 trades a day on FX Everywhere, with trades now being worth $350 billion.

“We’re able to demonstrate that this is not a one-off proof of concept, or just one or two trades,” he said.

In other news, CoinDesk discovered that the Central Bank of Iran is working with two blockchain startups on a new token ecosystem. Last month, the bank announced plans for a cryptocurrency program that could lead to the first Iranian crypto. A Tehran-based startup called Kuknos Company is set to issue a gold-backed token called Paymon, while a second startup, Areatak, is working on a national system for identity verification and token management.

A Canadian judge has yet to determine which law firms will represent as many as 115,000 users of QuadrigaCX who are trying to gain access to their accounts after the death of the failed crypto exchange’s founder. According to CoinDesk, Nova Scotia Supreme Court Judge Michael Wood has deferred the decision by a week, while also rejecting a proposal that would have delayed the process further.

Three legal teams have applied for the position: Bennett Jones with McInnes Cooper, Miller Thomson with Cox & Palmer, and Osler, Hoskin & Harcourt with Patterson Law. A fourth firm, Goodmans LLP, has requested an extended appointment process.

Last week, it was reported that the QuadrigaCX customers with balances are arguing about who should be paid first, with the contention between customers who have fiat currency balances and those who have crypto balances.

“There seems to be a conflict going on between creditors themselves,” said Canadian resident and QuadrigaCX customer Xitong Zou.