HSBC Exec Urges CFTC to Make More ‘Positive Noise’ About Blockchain
HSBC's Jesse Drennan asked the CFTC to make more "positive noise" about distributed ledger tech to spur business adoption.
HSBC is using blockchain as opposed to a traditional database because it plans to tokenize the $10B in private placements after it digitizes them.
HSBC plans to track $20 billion in private-placement assets on its Digital Vault, allowing investors real-time access to their records.
The Libra Association named HSBC Chief Legal Officer and former U.S. Under Secretary of the Treasury Stuart Levey as its new CEO. Levey will take the reins later this year.
A new trial will examine if digitalizing fixed income securities with DLT can bring new efficiencies to the Asian markets.
HSBC has carried out the first blockchain-based letter of credit transaction denominated in Chinese yuan.