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UBS-led banking consortium advances with blockchain-based settlement project, plans to issue USC token in 2020

June 04, 2019 / TokenPost

New details on the UBS-led blockchain-based settlement project have been reported by The Wall Street Journal on June 03. Last month, Computer World reported that around a dozen of banking giants were in the process of investing nearly $50 million in a new entity, called Fnality, which would take the reins to run the project. The project builds on the “utility settlement coin” (USC) project, which was first proposed by UBS in collaboration with fintech startup Clearmatics back in 2015. According to the WSJ, the group, which currently counts a total of 14 firms, has invested £50 million (or approximately $63.2 million) in Fnality International. The firms plan to use a “bitcoin-like” token for the settlement of cross-border transactions. In addition to UBS, Banco Santander, Bank of New York Mellon Corp., Barclays, Canadian Imperial Bank of Commerce, Commerzbank AG, Credit Suisse Group, ING, KBC Group NV, Lloyds Banking Group, Mitsubishi UFG Financial Group In...