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In 2023, a surge in cryptocurrency interest has been observed across various sectors, including financial institutions, asset managers, banking giants, the gaming industry, and government entities. Recently, Fnality, the UK-based blockchain firm, has successfully raised £77.7 million ($95.09 million) in its second funding round, attracting support from major financial institutions such as Goldman Sachs, BNP Paribas, DTCC, Euroclear, Nomura, and WisdomTree. A bridge between traditional and digital finance 
Fnality aims to bridge the gap between mainstream and digital finance, with a focus on reducing settlement times and costs associated with financial market transactions. The company’s innovative approach seeks to revolutionize the way financial markets settle, manage collateral, and process payments, as per local media. 
Goldman Sachs and BNP Paribas led the funding round, emphasizing the industry’s confidence in Fnality’s potential. Notable participants include settlement houses DTCC and Euroclear, as well as Nomura and WisdomTree. This collaboration underscores the broad support for Fnality’s mission to reshape global liquidity management and payment models.
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Fnality’s application of blockchain technology offers a resilient solution for institutions to leverage central bank funds across various use cases. This includes enabling instantaneous, cross-border, cross-currency payments, collateral mobility, and security transactions. Goldman Sachs’ Mathew McDermott highlights the transformative potential of Fnality’s blockchain application.
With the latest funding round, Fnality has now raised a total of £132.7 million. The company plans to utilize these funds to establish a “world-first” round-the-clock global liquidity management network. This network will cater to new digital payment models in both wholesale financial markets and emerging tokenized asset markets, marking a significant step toward realizing Fnality’s vision.
Fnality’s readiness for the commencement of initial Sterling Fnality Payment System operations in 2023 is contingent upon regulatory approval. The company aligns with the Bank of England’s forward-looking approach, as demonstrated by the approval of a new central bank account in 2021, designed to accommodate a broader range of payment systems, including those based on blockchain or distributed ledger technology. Initial round backers, including Banco Santander, BNY Mellon, Barclays, and others, reaffirm their commitment to Fnality’s pioneering initiatives.
© Todayq News

Goldman Sachs backs blockchain payments platform with $95.09 million funding

Todayq News

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