Hybrid exchanges: getting blockchains to talk to each other

The global foreign exchange (FX) industry is a huge and highly liquid market - it also tracks all currency trades - and, according to Reuters the FX market turnover is over $7 trillion a day. The UK has a 38% market share, with NYC as its next nearest rival having a share of 19%. Historically, given that the UK had been a centre for trade and sits between the Asian and US time zones, the UK has somewhat had a unique advantage. However, as we begin to witness digital currencies having capacity to trade 24/7, the UK’s geographic advantage will be of less importance, i.e. other jurisdictions will be able to challenge the UK’s current dominate position and so result in a loss of revenue and jobs for the UK. Every time a company or individual converts one currency for another as we trade, import and export, we add turnover to the FX market.

The opportunity to make FX trading more efficient and faster has not been lost on blockchain developers and, hence, the on-going interest in digital cur…