Media Reports: World’s Banks Invest Tens of Millions of Dollars in a New Blockchain Project

A group of the world’s largest banks plans to invest about $50 million in the development of digital cash settlement system on the basis of blockchain. It is reported by Reuters.

Thus, about a dozen of financial establishments invest in Fnality, an entity which will run the project. Its official launch is expected in 2020.

We want to remind you:

News Media: World Bank Together with IMF Launches Their Own Cryptocurrency

Created during development the coin will be used to make clearing and settlement in financial markets more efficient. It is expected to be supported by fiat currency.

Information about which establishments are involved in financing the project at this stage has not been disclosed. But most probably among them are organizations which were working actively with UBS on its project back in 2015.

And if then the holding giant was not sure in its actions, now the situation changed significantly and UBS intends to introduce to the world a new product that can become a potential replacement for SWIFT.

Read more on the topic:

SWIFT Payment System: What It is and How It Works

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