Utility Settlement Coin (USC), a project of fourteen major financial institutions in the world, announced the creation of new companies and the closure of the associated round of Series A funding of £50 million ($63.2 million).
The project was started in 2015 by the Swiss Bank UBS Group AG and the London technology startup Clearmatics, he was later joined by more than a dozen banks and companies. It aims to develop licenzirovanie effective solutions for global cross-border payments in the context of wholesale markets. USC is also considering ways to reduce settlement, counterparty and, ultimately, systemic risks in the processes pastorkovich calculations.
In addition, the blockchain is the solution to USC focused on innovation in the processes of clearing and settlement, simplification of delivery and payment for the securities markets and provide instant calculation of “payment against payment” basis on the stock market.
According to Cointelegraph, the project partners established a new company — Fnality International, which will undertake a commercial implementation of the USC. Last month, citing its own sources it is announced by Reuters, but his interlocutors did not name the shareholders of Fnality. According to the online publication, the founders of the firm have become Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation and UBS.
It is noted that during the four years of development, the USC project was aimed at creating a token, 100% backed by national currency the Central Bank. Fnality should solve regulatory issues for token USC in accordance with local laws. Initially we plan to support token in five currencies — USD, EUR, GBP, JPY and USD. In the future, this list can be expanded.
In an interview with the Wall Street Journal CEO Fnality International romaios the RAM(Rhomaios Ram) said that he expects a full launch of the token USC during the year after receiving regulatory approval.
We will remind that earlier American financial giant JPMorgan Chase, the world’s fifth-largest Bank assets, announced the release of its own stablon JPM Coin for interbank payments.
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