AMERICAN FOREX OPERATOR CLS HAS LAUNCHED BANK PAYMENTS CLSNET BLOCKCHAIN SYSTEM

American Forex operator CLS today, on November 28, launched a payment mechanism of offsets on the blockchain called CLSNet. According to a press release, Goldman Sachs and Morgan Stanley banks were among the first users of the service developed jointly with IBM.

According to reports, the CLS group settlement system processes an average of about $5 trillion daily. The participants of the system are such corporations as JPMorgan and Citigroup.

The CLS consortium aims to develop open source blockchain technologies to create new channels for foreign exchange. In the past year, along with JPMorgan Chase, Goldman Sachs and Bank of China, Barclays has also joined to CLS Group blockchain- consortium.

The developed CLSNet system is “the first global corporate market of interbank currency exchange at free prices based on blockchain technology”.

Marie Wieck, CEO of IBM Blockchain, who participated in the development of CLSNet, added:

“Start of CLSNet with the support of the two largest banks in the world demonstrates the current maturity of the blockchain technology and  shows values that it can represent in practice.”