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World biggest banks to create their own cryptocurrency

Several world biggest banks invested discreetly about $50 million into the creation of a new cryptocurrency and payment system based on blockchain technology, according to Reuters’ post.

crypto world 2005Photo: Pixabay

The project was named Utility Settlement Coin – “coin meant for calculations”. Four years ago it appeared first time due to Swiss bank UBS Group AG and the technology startup Clearmatics from London and got the name Fnality. About a dozen major world banks invested since 2015. It is emphasized that the process of forming Fnality is not yet completed and changes could happen there.

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The preliminary planned start date of the system is 2020. A complete and reliable list of banks that are involved in investing has not been disclosed, but in the early project stages of the project such major banks as UBS, Bank of New York Mellon, Credit Suisse, Barclays, Banco Santander, HSBC and Deutsche Bank were mentioned.

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