Banks Don’t Really Want to Use ‘Blockchain’ for FX Settlement After All

It seems that whenever members of the legacy financial establishment talk about Bitcoin these days its only to bash it in comparison to ‘Blockchain’, claiming that they can usurp the technology while ditching the cryptocurrency. However, when given a chance to actually use a blockchain-based product, the banks are also reluctant to do so. CLS Net CLS Group, which provides FX settlement services to the likes of Goldman Sachs, JPMorgan, Barclays and Citigroup, has been forced to “water down” a blockchain project two years in development due to banks’ reluctance to participate. Back in September 2016, the company announced it started working with IBM on a new settlement service, with committed support by: Banco Actinver, Bank of America, Bank of China – Hong Kong, Bank of Tokyo-Mitsubishi UFJ, Citibank, First Rand, Goldman Sachs Asset Management, HSBC, Intesa Sanpaolo, JPMorgan Chase, Morgan Stanley, Neuberger Berman and Northern Trust. Now the service

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