Altcoin News: Financial Giant Vanguard Moves Forex Market to Blockchain
October 4, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Vanguard Group, an American investment company that manages $6 trillion of assets, has set its sights on a global redistribution of the Forex services market.
The sector with a turnover of $15 trillion is controlled by a dozen investment banks, several times fined for manipulating exchange rates, metals and LIBOR rates.
Vanguard Group will offer ordinary traders, large and small brokers, transparent trades in fiat currencies on a common decentralized platform.
The Forex blockchain will combine all applications into one common glass, ensuring the automatic execution of counter orders with the help of smart contracts at a single rate, eliminating manipulation. Traders will no longer have to worry about unscrupulous actions of brokers that delete profitable transactions, refusals of payment of funds.
The blockchain will forever save the history of transactions, smart contracts will withdraw profits directly to an electronic wallet or to a client’s card. Forex brokers that will connect trading terminals to the platform will be able to reduce the cost of buying liquidity from large banks and save on merchants.
The Forex platform has been working in test mode for two months now. According to Bloomberg, Vanguard Group has already begun negotiations with major brokers about the conditions for connecting to its own product.
Author: Marko Vidrih
