Some of the world's biggest banks are said to be investing around $50 million to build a blockchain-based digital cash settlement system.
A Reuters report on Friday, citing "People familiar with the plans," said possibly a dozen unspecified banks are involved in the project.
The participating banks will reportedly be setting up a new entity called Fnality for the project, which could launch next year.
Back in 2015, Swiss banking giant UBS was said to be working.
On a cryptocurrency that would be "Linked to real-world currencies and connected to central bank accounts" along with blockchain startup Clearmatics.
Clearmatics seems to have filed a trademark application for the word "Fnality," according to information from trademark service Justia Trademarks.
Later, in August 2016, four other banks - BNY Mellon, ICAP, Deutsche Bank and Santander - joined UBS and Clearmatics on the "Utility settlement coin" project.
Clearmatics founder Robert Sams told CoinDesk at the time that USC is as a form of digital cash that is "Fully backed by cash assets at the central bank."
"We are a member of the USC Project and can confirm that the Research & Development phase is coming to an end."
The news comes soon after investment banking giant JPMorgan revealed.
Top Banks 'Investing $50 Million' to Build Blockchain Settlement System
gepubliceerd op May 17, 2019
by Coindesk | gepubliceerd op Coinage
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