Fintech Startup Fnality Raises $95M in Funding Led by Goldman and BNP Paribas
With the recently secured Series B funding, Fnality is poised to continue its pioneering work in the tokenization of fiat currencies backed by Central Bank cash.
With the recently secured Series B funding, Fnality is poised to continue its pioneering work in the tokenization of fiat currencies backed by Central Bank cash.
Several major banks are part of the Fnality International project. Fnality is working to create digital versions of five major fiat currencies, including the dollar and yen. The project has been delayed until at least 2021 as it seeks regulatory approvals.
Global assets custodian State Street has decided to cut down its Decentralized Ledger Technologies (DLT) team and to focus on digital assets.
Several major banks, including UBS, Banco Santander, HSBC Holdings and Deutsche Bank, are planning to build a blockchain-based settlement system by investing $50M into a joint entity called Fnality.