Fnality is the new entity created to run the "utility settlement coin" project, a blockchain-based digital cash instrument designed to settle financial transactions and streamline clearing and settlement. The coin would act as a digital equivalent of central bank-backed currencies, convertible at parity and backed by cash assets held at a central bank. The system is intended to let banks spend the digital coin in the same way as the fiat currency it is paired with. Around a dozen banks are investing in the project and have been in discussions with central banks and regulators to ensure compliance. The group has said the research and development phase is coming to an end and the new system could launch in 2020. The deal and details have not been finalized and remain subject to change.

Total raised

$50M

Funding rounds

1

Latest round

Equity

Latest activity

May 2019