Banks are investing $ 50 million in Utility Settlement Coin | BTC-ECHO
Like the news agency Reuters Reported from New York on May 17, some of the world's largest banks are planning a $ 50 million crypto offensive. The message refers to persons who are familiar with the plans. Although some details have not yet been fixed, a new POS system under the mysterious name Fnality may start already in 2020, according to the anonymous sources. However, it is not yet known which banks will participate in the investment round.
Swiss bank makes push
The Swiss banking giant UBS announced the project in 2015. At the time, UBS called into being the "Utility Settlement Coin" through London-based IT start-up Clearmatics. The goal of the tool was to simplify and streamline transactional financial transactions. Deutsche Bank was also involved in the development of the crypto currency at that time, as were Santander, Credit Suisse, HSBC, Barclays and the Bank of New York Mellon.
Barclays has so far been the only institute to comment on the rumors:
We are part of the USC project and can confirm that the research and development phase is nearing completion,
such a spokeswoman opposite Reuters,
Does Fnality Revolutionize Bank Payments?
Fnality is a block-based digital POS system. The mysterious company, which has about a dozen banks, could provide its first official products by 2020. According to the JPM Coin, this is another project where traditional banking structures use distributed ledger technologies.
The "Utility Settlement Coin" as a digital payment instrument for transactions could also be built into such a system. As a digital equivalent to Fiat currencies, the stable coin would be covered by currency reserves. Discussion between some of the participating banks and central banks and regulators has recently taken place. The goal was probably a legal safeguarding of the project.
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