With an Investment of 100 Million Euros, Financial Giant EFG Will Launch the World’s First Ecological Forex Public Blockchain－HB

In recent years, global political and economic turbulence has continued, Black Swan Events have occurred frequently, and economic crises have continued to occur. Against this background, the demand for forex in the capital market has shown a spurt. According to data released by the Bank for International Settlements (bis), the global forex market has climbed to a record high of US$6.6 trillion. The average daily transaction volume in April increased by 19% from US$6.1 trillion in the same month of 2018. The daily forex trading volume is 53 times that of the New York Stock Exchange. The forex market is 12 times larger than the futures market and 27 times larger than the stock market.

However, the many disadvantages of traditional forex transactions make it impossible to face the new situation in the current forex market. In September 2019, FG Wealth Management Co., Ltd. invested 100 million euros to launch the first ecological forex public blockchain-Hart Block Chain(HB) used in the global market. Recently, the project’s CEO Quinton Renault was interviewed by a reporter and declared that he would solve the problems of the global traditional forex market through blockchain technology.

EFG Wealth Management Co., Ltd. is a part of the global financial giant Elan Financial Group Ltd. (referred to as EFG). It was founded in 1963 by the Swiss family of Renault. Ton. Ken and registered in the Cayman Islands. It has a current market value of 173.9 billion euros. EFG has a diverse history, covering crude oil, foreign trade, funds, equity, bonds, real estate, etc., its business sector covers the whole world, and it has wholly-owned subsidiaries in London, Russia, Dubai, etc. After obtaining the forex financial license in 2007, the total amount of forex transactions continued to climb. At present, EFG has become the fifth largest forex company in the world.

Quinton Renault told the reporter that the drawbacks of traditional forex transactions are obvious, which has seriously affected the sustainability of the development of the forex industry under the new financial situation. The traditional centralized management platform makes transaction data difficult to be truly transparent. Many manual verifications and other steps in the transaction process will lead to complex settlement and extremely high risks. The information asymmetry between the handling banks, enterprises and regulatory agencies makes the process very cumbersome, bank audit also has many difficulties, and the supervision will be difficult.

At present, blockchain technology has become increasingly mature, integrating multiple technologies such as chained data structures, distributed storage, encryption algorithms, consensus mechanisms, etc., which can fully achieve decentralization, highly transparent data, interactive, high efficiency and high expansion. And it has the characteristics of non-tampering, security and stability, and natural defense.

To this end, HB innovatively proposed a new model of “blockchain plus forex”. Quinton Renault said that any user in the HB system can conduct forex financial transactions in a completely distributed and low-cost manner, which will greatly improve transaction efficiency, make information transparent, and all information can be traced to the source, making it easier for regulators to monitor and realize the efficiency of the forex market.

Quinton Renault said that HB will be a complete ecosystem that includes decentralized digital asset transaction platform, forex asset traceability service platform, forex big data analysis and construction, digital asset wallet and multi-scenario application. In addition, HB will also launch HID-that is, the unique identity owned by every citizen, which is anonymous, unique, permanent and tamper-free, as well as a special forex information community application. This application is designed to provide forex news, forex market analysis, forex investment technical analysis, forex transaction principle, forex technical guidance, forex quotes, forex community, etc., to help more investors or institutions to be able to timely understand forex transaction information so as to find various forex resources. EFG estimates that the total value of the community will be more than $1,000 trillion. Quinton Renault promised that HB will be 100% profit sharing, that is, the enterprise value, platform value and user value all owned by the holder.

It is reported that the members of the HB core team are all from EFG Wealth Company. They have extremely rich experience in forex capital transactions and have conducted in-depth cooperation with the top international blockchain teams. The entire team system is relatively complete, whose members come from a variety of industries, including foreign exchange transactions, artificial intelligence, stock trading, forex capital finance, blockchain technology, market research, big data analysis, etc.

Based on the current forex capital transaction environment and the characteristics of blockchain decentralization, high efficiency and transparency, HB introduced blockchain technology and token economic model, which injected new blood into the traditional forex capital transaction field.

Quinton Renault told the reporter that HB is determined to create a brand-new consensus ecological public blockchain in the foreign exchange capital market, hoping to help crack a large number of uncertainties and trust issues in global forex transactions, opening up a new era for world’s financial development. Moreover, the HB public blockchain will work simultaneously from four aspects of blockchain technology, business model, ecological construction, and application practice, so that HB can truly fit and empower the real industry to build a decentralized new forex market in the new world. It provides users with open, efficient, highly scalable underlying technical support to create a constantly evolving, easy-to-use, low-cost, and moderately customized blockchain network that meets the needs of asset digitization and value circulation in the forex industry.

At present, the internal test of the underlying structure of the technical framework of the HB forex capital system has been completed, and the forex blockchain promotion program will be launched in the United States, the United Kingdom, Australia and the Asia-Pacific region, with a view to eventually achieving full coverage of the global blockchain forex capital. Allegedly, the token issued by the HB ecosystem is called HB token, and the total amount will reach 50 billion. It is expected to issue another $40 billion in 36 months after 10 billion yuan in early market circulation.