Fnality has announced it has raised £50 million in Series A funding to continue developing its Utility Settlement Coin, a tool for settling financial transactions.
The company, founded by a group of banks including Banco Santander and Barclays, aims to design a digital cash system to enable inexpensive and safe cross-border payments. It is planning to create “a regulated network of distributed Financial Market Infrastructures (dFMIs)” which will first support five currencies: CAD, EUR, GBP, JPY and USD.
“USC will be an enabler for tokenised markets and also offers a significant opportunity to simplify liquidity management using one cash asset for as many settlement needs as possible,” said Rhomaios Ram, CEO of Fnality.
As previously reported, the USC will be backed by cash assets and will be convertible to fiat currencies.