Fnality International, a blockchain company that aims to create digital versions of major currencies, has secured a $95 million investment from leading financial institutions, including Goldman Sachs and BNP Paribas.
Fnality International, a blockchain company that emerged from a UBS project, has raised $95 million in a Series B funding round led by Goldman Sachs and BNP Paribas.
The company plans to launch its blockchain-based payment system by the end of the year.
Fnality International was established in 2019 as a spin-off from a blockchain project initiated by UBS. The company aims to create digital versions of major currencies for use in wholesale payments and transactions involving digital securities.
The company’s website states that it initiated the Utility Settlement Coin (USC) Project to create a peer-to-peer digital cash asset to settle tokenized transactions.
The initiative aims to enhance the efficiency of liquid management across multiple currencies.
The Series B funding round, which also included investors like the Depository Trust & Clearing Corp., Euroclear, Nomura Holdings Inc., and Wisdom Tree Inc., marks a significant capital infusion for Fnality International since its last funding round of $63 million in 2019 led by UBS, Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, and Sumitomo Mitsui Banking Corporation.
This investment will be directed towards the development and operational expansion of Fnality’s blockchain-based payment system, initially focusing on a British pound-based version with GBP, USD, EUR, CAD, and JPY in scope.
Fnality Aims to Launch Payment System by Year-End
Despite some delays in product development, according to Fnality Chief Executive Officer Rhomaios Ram, the firm anticipates the initial operation of its Sterling payment system by the end of the year, pending regulatory approval.
“It was not easy to get this round closed, but the fact they [the investors] put money is pretty significant, It feels like there are small pockets of optimism emerging, and this is an indication of that.”
Ram declined to expose what Fnality was valued at in the investment round.
The launch of Fnality’s payment system could pave the way for more innovation and adoption of blockchain technology in the financial sector, as well as provide more options and benefits for users of digital assets.
