Report: Top Banks Alleged to Be Investing $50 Million in Digital Cash Settlement Project
Marie Huillet's original article for cointelegraph.com reduced by 48%
Sources ostensibly familiar with the matter have claimed that some of the world's leading banks are currently investing around $50 million to build a blockchain-powered digital cash system for transaction settlement. An earlier project for a blockchain-based currency settlement coin was unveiled by Swiss bank UBS Group AG and London-based technology startup Clearmatics at early as 2015, as Cointelegraph reported at the time. One of Reuters' sources has said that the latest development involves around a dozen major banks investing in a new entity dubbed Finality, which could launch as early as 2020 - although the deal has purportedly not yet been finalized, so details could still change.
"We are a member of the USB Project and can confirm that the Research & Development phase is coming to an end." Other representatives from other banks reportedly did not provide Reuters with a comment. As Cointelegraph has reported, United States banking giant JPMorgan Chase has this year unveiled plans to launch its own blockchain-powered coin focused on increasing settlement efficiency, dubbed "JPM Coin.".
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send some Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send some Ethereum
Donate With MetaMask
Donate ETH Via PAY With Metamask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.