May 21, 2019
Multiple banks are planning to invest $50 million to create a digital cash settlement system with blockchain technology. Although it is unclear how many banks are participating in the round, UBS, Banco Santander, Bank of New York Mellon Corp, State Street Corp, Deutsche Bank AG and others have been involved in this project, according to a report by Reuters.
The project involves a utility settlement coin, which would act as a digital cash instrument for banks to settle transactions. UBS Group AG and startup Clearmatics first proposed this project in 2015 to make settlement and clearing more efficient in financial markets.
The banks will invest in an entity called Fnality to run the project, according to the report. The project is set to launch in 2020, according to the Reuters report.
Topics: Bitcoin, Mobile Banking, Mobile Payments
Companies: UBS
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