Large group of financial institutions set to launch token similar to Bitcoin
- A new banking group led by UBS, with other names; Barclays, Nasdaq, Credit Suisse Group, Banco Santander, ING, and Lloyds Banking Group, to launch ‘Utility Settlement Coin’.
- The group have put together $60 million into the new entity, known as Fnality International.
There are a group of big financial institutions, which is being led UBS Group AG, of who are exploring some blockchain technology for settling cross-border trades worldwide with its own “Bitcoin-like” token.
It is reported that there is a total of 14 organizations including; Barclays, Nasdaq, Credit Suisse Group, Banco Santander, ING, and Lloyds Banking Group, amongst others. The group has taken action in registering a new entity to control the development of the token.
It will be known as ‘utility settlement coin’ (USC) being reported by The Wall Street Journal. The financial giants have piled some chunky $60 million into the new company, dubbed Fnality International.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
