Today Fnality, the company formed to commercialize the Utility Settlement Coin (USC),
announced three new senior staff members who started last month. Gary Chu joins as General Counsel, Adam Clarke as CTO and Daniel Heller as Head of Regulatory Affairs.
The company aims to create an
institutional digital currency. Initially, there will be digital versions of five currencies Canadian Dollars, Euros, Pounds, Japanese Yen and US Dollars. The USC is for peer-to-peer on-chain payments for use by financial institutions (only) to make instant settlements with finality. Ultimately the goal is to create a network of decentralized Financial Market Infrastructures (dFMI). The digital currency will be 100% backed by deposits at central banks.
Three months ago the company announced it had
raised £50 million ($60.5 million) from 13 banks and Nasdaq. Shareholder banks are Barclays, BNY Mellon, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds, MUFG, Santander, SMBC, State Street and UBS.
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