Fnality Secures £50M Series A for Digital Coin
Fnality has announced it secured £50 million in Series A funding to further develop its Utility Settlement Coin (USC), aimed at revolutionizing financial transactions. The company, created by major banks such as Banco Santander and Barclays, targets creating a digital cash system for cost-effective and secure cross-border payments. Its plan involves launching a regulated network of distributed Financial Market Infrastructures (dFMIs) supporting CAD, EUR, GBP, JPY, and USD initially. According to Rhomaios Ram, CEO of Fnality, the USC will empower tokenized markets and streamline liquidity management with a single cash asset for diverse settlement needs. The USC is designed to be backed by cash assets and convertible to fiat currencies.
FAQ
❓ What is the purpose of Fnality's Utility Settlement Coin?
The Utility Settlement Coin aims to facilitate inexpensive and secure cross-border payments through a digital cash system.
❓ Which currencies will Fnality's system initially support?
Fnality's planned system will initially support CAD, EUR, GBP, JPY, and USD.
❓ How is the Utility Settlement Coin backed?
The Utility Settlement Coin is backed by cash assets and convertible to fiat currencies to ensure stability.