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Credit Suisse and ING Transact $30.5 Million in Securities Using Blockchain Technology

· 03 Mar 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Two important European Banks, Credit Suisse Group AG and ING Groep, have completed a $30.5 million securities transaction using blockchain technology. Again, banks are showing the utility that blockchain technology has in the industry and how it can help financial institutions.

Blockchain banking Transactions

Reuters has reported that Credit Suisse and ING have completed a 25 million euros securities lending transaction. But the interesting fact is that these two institutions used a blockchain software. The banking and financial industry is starting to use the technology behind cryptocurrencies in order to have better and more efficient results.

The two important banks were swapping baskets of securities using a blockchain application developed by HQLAx. In this way, one of the first real-life capital markets transaction of this kind took place using blockchain technology.

Frankfurt Financial Centre
Frankfurt Financial Centre

Charley Cooper, managing director at R3, commented during an interview:

“This was far more than a proof of concept in a fenced lab. These are regulation institutions in a real market and it is a unique demonstration that blockchain solutions are being deployed in commercial settings.”

Banks have been investing millions of dollars in blockchain applications. According to some important banks, if they do not invest in blockchain technology they can start to lose the battle against cryptocurrencies and these new financial services.

At the moment, the technology is still being tested. That is why this exchange of securities was very important for the industry. According to these companies, blockchain technology may help make the securities lending process faster and more capital efficient.

Binance, Kraken and Bitfinex Reduce Trading Fees

Another important topic is the announcement that cryptocurrency exchanges are making in the last days. Binance and kraken have announced on March the 1st, a reduction in withdrawal fees for Bitcoin.

Binance has decided to reduce 50% the BTC withdrawal fees, while Kraken followed similar steps.

Now, Bitfinex has decided to reduce withdrawal fees to just 0.0004 BTC. On February the 20th, Bitfinex has adopted Segregated Witness, lowering transaction fees and reducing processing times.

Bitfinex wrote in Twitter:

“We are excited to announce an additional 33.3% decrease in BTC withdrawal fees. BTC withdrawal fees are now only 0.0004 BTC on Bitfinex.”

https://twitter.com/bitfinex/status/969628107723476993

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