SimpleFX Blog
    Facebook Twitter Instagram
    Thursday, June 30
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX BlogSimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»News»Banks to investo $50 million a blockchain cash settlement project
    News

    Banks to investo $50 million a blockchain cash settlement project

    Zach WrightBy Zach WrightMay 21, 2019No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    Many of the largest banks in the world are currently spending approximately $50 million so that they can create a digital cash structure based on blockchain technology for financial transactions.

    The project, which has been called the “utility settlement coin,” was suggested initially by London-based start-up Clearmatics and Swiss bank group UBS in 2015. It is looking to develop a way of making a settlement and clearing on the financial markets much more efficient.

    About a dozen or so banks are investing in Fnality, a new entity which would eventually run it, one of the sources said. This deal has still not been confirmed, and so the details are subject to change. It could launch as early as next year, so said the source. As of yet, it is not clear which banks are going to be participating.

    Some banks had previously said that they were involved in the earlier phases included Banco Santander, UBS, Bank of New York Mellon Corp, Credit Suisse Group AG, State Street Corp, HSBC Holdings PLC, Barclays PLC as well as Deutsche Bank AG.

    A Barclays spokesperson said, “We are a member of the USC Project and can confirm that the Research & Development phase is coming to an end.” But, she did not comment on the current deal proposed.

    No other banks representatives commented.

    Blockchain, the software that first emerged as underpinning bitcoin, the cryptocurrency, is a shared record of all transactions which is maintained by a computer network.

    [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#df4444″]SELL bank stocks[/button]        [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]BUY bank stocks[/button]

    Financial institutions and banks have all invested millions of USD in testing out new blockchain systems which are aimed at cost reduction and making the processes less cumbersome. These will include international payments and securities settlement.

    featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleNew York’s Supreme Court orders Tether to Freeze Transfers to Bitfinex
    Next Article Fiat Coin: Making M0 Good Again with Digital Renminbi
    Zach Wright

    Related Posts

    GBPUSD at a Vurnelable $1.2 Level – Will it Fall Below or Rebound?

    June 30, 2022

    How the Recession and Euro Fragmentation Risk Impact EURUSD

    June 29, 2022

    A Possible Rebound Scenario for Japanese Stocks?

    June 28, 2022

    Leave A Reply Cancel Reply

    Copyright © 2022. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT