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Vanguard is reportedly testing a platform to compete with banks in the $6 trillion-a-day currency market

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Currency traders currently rely on banks to execute transactions. The Vanguard platform would employ blockchain technology for peer-to-peer trades.

Vanguard Group is testing a blockchain-powered platform that would allow asset managers to trade currencies without using major banks as intermediaries, Bloomberg reported Thursday. The currency market handles $6 trillion each day, and is currently dominated by firms like JPMorgan Chase and Citi. Vanguard's platform would skirt the banks' fees through peer-to-peer trading, and has already handled a few trades, a source told Bloomberg. Visit the Markets Insider homepage for more stories.

Vanguard Group is testing a blockchain-powered platform that would allow asset managers to trade currencies without using major banks as intermediaries, Bloomberg reported Thursday. The currency market handles $6 trillion each day, and is currently dominated by firms like JPMorgan Chase and Citi. Vanguard's platform would skirt the banks' fees through peer-to-peer trading, and has already handled a few trades, a source told Bloomberg. Visit the Markets Insider homepage for more stories.

 

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