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.