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Top Banks ‘Investing $50 Million’ to Build Blockchain Settlement System

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.


Indeed, Clearmatics seems to have filed a trademark application for the word “Fnality,” according to information from trademark service Justia Trademarks.

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