Bitcoin-Inspired Technology Starts to Reshape Currency Markets

An employee of the Dutch company Bitonic tracks the bitcoin exchange rate in Baarn, Netherlands, in 2014. Bitcoin-inspired ledger technology will be used in a forthcoming currency-trading platform offered by CLS Group, which settles most of the world’s currency transactions.

Bitcoin-inspired ledger technology is taking its first steps in foreign-exchange markets.

Companies that provide payments systems to banks are unveiling products that use distributed ledgers to lower the costs of cross-border transactions, amid signs that stricter regulations have pushed smaller lenders to cut their participation in currency markets.

On Tuesday, New York-based CLS Group said clients will be able to access a forthcoming currency service through a distributed ledger. CLS settles the majority of the world’s currency transactions.

Interest in ledger technology has surged since the appearance of bitcoin and other digital currencies, which use ledgers called blockchains to create a parallel money system that

Read more ... source: TheBitcoinNews

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