Fnality, the institutional payment system backed by 15 banks and Nasdaq, is looking to raise another £50 million ($55m), as first reported by TheBlock.
Previously called the Utility Settlement Coin, Fnality tokenizes money in an account held at a central bank to enable institutions to settle transactions such as securities, intraday derivatives, or collateral exchanges. For the settlement of blockchain transactions, it provides low risk cash on ledger, one of the factors that have held up institutional DLT adoption because this enables atomic settlement or delivery versus payment.
Next month Fnality is scheduled to go live with its first currency, a tokenized British pound. HM Treasury officially recognized it as a payment system at the end of August, and in February, the company conducted a pilot transaction with Natwest and one of its investors Santander. This is well timed as the UK plans to launch a sandbox for DLT-based financial market infrastructures (FMIs) next year.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
