UBS and other large banks will invest around $50 million in "utility settlement coin" digital cash project
A 'utility settlement coin' pioneered by Clearmatics in a project dubbed 'Fnality' has finished its R&D phase and should be running as a blockchain-based inter-bank payment network by 2020, according to Reuters. While the project remains unfinished, multiple big banks like UBS, Banco Santander, Bank of New York Mellon Corp have disclosed operations on the project with some contributing towards a $50 million fund for Fnality.
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