Fnality Launches Live Transactions Using Digital Funds
London-based blockchain payments firm, Fnality, has announced the commencement of live transactions using a digital representation of funds held at the Bank of England. The Sterling Fnality Payment System, which includes participation from Lloyds Banking Group, Banco Santander, and UBS, combines the safety and quality of central bank funds with the resilience of blockchain technology.
This milestone transaction is the first step towards a broader multi-jurisdictional vision, creating a global liquidity management ecosystem in both wholesale financial markets and emerging tokenized asset markets. However, during this initial phase, the system is subject to limits set by the Bank of England to ensure system resilience and functionality in a live environment.
Scaling Up Operations and Unlocking New Market Use Cases
In 2024, Fnality plans to focus on scaling up operations within an approved framework set by the Bank of England. CEO Angus Fletcher stated that they aim to steadily progress towards unlocking new market use cases. Last month, Fnality secured $95 million in funding from investors including Goldman Sachs and BNP Paribas.
Hot Take: Transforming Cross-Border Payments with Blockchain
Fnality’s launch of live transactions using digital funds held at the Bank of England marks an important milestone for cross-border payments. By combining central bank funds with blockchain technology, Fnality aims to create a global liquidity management ecosystem that revolutionizes wholesale financial markets and emerging tokenized asset markets. This development paves the way for enhanced efficiency and security in cross-border transactions, setting the stage for further innovation in the industry.
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