Fnality, a London-based blockchain payments company, today officially launched the first phase of real-time transactions using digital representations of funds held in UK banks.
In a statement shared with The Block, Fnality said it has launched the Sterling Fnality payments system with participation from Lloyds Banking Group, Banco Santander and UBS.
The system “combines for the first time the safety and institutional quality of central bank funds in a structured wholesale payment system with the innovative capabilities and resilience of blockchain technology,” the company said.
Fnality added that the initial live trading “demonstrates the first foundation of a broad, multi-jurisdictional vision” and enables a global liquidity management ecosystem in both wholesale financial markets and emerging tokenized asset markets. However, the initial phase, which focuses on ensuring system resilience and functionality in real-world environments, is subject to limits set by the Bank of England.
Angus Fletcher, CEO of Fnality UK, said: “As we move into 2024, we are focused on making steady progress towards expanding our operations and pioneering new market use cases within the governed and approved framework set out by the Bank of England.” He said. name.
final Raised $95 million last month In a round led by Goldman Sachs and BNP Paribas. DTCC, Euroclear, Nomura, WisdomTree and traditional bank sponsors also participated.
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