BankSocial and The Hashgraph Group Achieve Historic First for International Private Token Transfers

Transforming International Finance: BankSocial and The Hashgraph Group

In a groundbreaking achievement for the world of international finance, BankSocial and The Hashgraph Group (THG) have announced the successful completion of the first international transfer of a private liquidity token via their pioneering Private Liquidity Network. This milestone not only signifies a remarkable step forward for blockchain technology but also establishes a new standard for bank-to-bank settlements that are compliant, secure, and interoperable.

A Revolutionary Partnership

The collaboration between BankSocial and THG is particularly noteworthy because it leverages the engineering expertise of THG in distributed ledger technology (DLT). By executing live international transactions across three different blockchain protocols—Hedera, Ripple, and Solana—they have demonstrated the potential for seamless financial transactions that operate without intermediaries. Using Hedera as the foundational layer, the new system permits foreign currency to be seamlessly integrated into U.S. digital dollars, effectively eliminating the reliance on costly and outdated cross-border transaction methods.

John Wingate, CEO of BankSocial, articulated the significance of this achievement: "This is not just a new feature, it's a new financial rail. Our collaboration with The Hashgraph Group has proven that real-time international settlements are now feasible across multiple chains. We are empowering banks, governments, and fintechs to effortlessly bridge into U.S. digital currencies, all while bypassing the bottlenecks traditionally associated with legacy systems."

Addressing Long-Standing Challenges

One of the main goals of this initiative is to offer credit unions—institutions that historically lacked access to international settlement capabilities—a pathway to participate in global remittances and digital currency conversions at a scale that was previously unattainable. "This achievement illustrates the transformative power of distributed ledger technology to tackle the entrenched issues within international finance," stated Stefan Deiss, Co-Founder and CEO of THG.

By establishing this private liquidity network, the need for correspondent banking and traditional foreign exchange conversion methods is significantly reduced, making international finance more inclusive and efficient.

A Vision for the Future

The implications of this development extend far beyond mere financial transactions. As nations worldwide continue to develop and enhance their digital currency strategies, this initiative serves as a tangible proof that tokenized and cross-border liquidity can be achieved within a compliant and auditable structure. The impact will ripple through banks and credit unions across the U.S., as BankSocial continues to onboard more institutions into its Private Liquidity Network.

Becky Reed, COO of BankSocial, emphasized the importance of this partnership in forging a new path for financial institutions: "Working with The Hashgraph Group has been pivotal in our mission. Their vast experience in DLT is enabling static interoperability that has not existed before. Together, we are connecting the globe's value to the institutions and communities that need it most, with unmatched transparency, speed, and security."

Next Steps for Financial Institutions

BankSocial and The Hashgraph Group are committed to further expanding their infrastructure, aiming for instant and secure cross-chain and cross-currency transactions. Financial institutions that are interested in boosting their international services or enabling stablecoin and digital dollar conversions are encouraged to reach out for collaboration opportunities.

This partnership represents a leap forward for international remittance and financial inclusion, heralding a new era in global financial transactions. In an age where digital assets are becoming increasingly important, BankSocial's initiative with The Hashgraph Group serves as an important milestone in building a more efficient and accessible financial ecosystem for everyone.

About the Companies

The Hashgraph Group is a Swiss-based technology company focused on harnessing Web3 business solutions within the Hedera ecosystem. Their goal is to aid enterprises and governments in adapting to the evolving business landscape. Meanwhile, BankSocial aims to empower financial institutions by providing modern, compliant digital asset infrastructure, facilitating seamless transactions without compromising trust or security.

For more information on these transformative efforts, you can visit BankSocial and The Hashgraph Group.