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It&#39;s exciting to see how traditional finance (TradFi) players are embracing blockchain technology, marking a transformative shift in the industry. This week, major financial institutions like Lloyds Banking Group, Banco Santander, and UBS have shown their commitment to innovation by participating in the <a href="https://defi-planet.com/2022/10/fnality-international-pioneering-the-application-of-blockchain-in-securities-settlements/" rel="noopener noreferrer nofollow">Sterling Fnality Payment System</a>.This blockchain-powered network facilitates wholesale payments and trading of tokenized real-world assets. The live payments conducted within the Bank of England&#39;s real-time gross settlement service demonstrate the tangible progress made by the Sterling Fnality Payment System. This signals a future where digital models facilitate transactions in both wholesale financial markets and emerging tokenized asset markets.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/01edd5b33f77404d9f7f985046df317c.jpeg" />This move aligns with the UK central bank&#39;s April 2021 announcement to interface with payment systems that employ distributed ledger technology, showing the growing acceptance of blockchain within regulatory frameworks. Fnality&#39;s recent recognition as a regulated payment system by HM Treasury in August 2022 adds a layer of legitimacy, bringing it under the jurisdiction of the Bank of England and the UK&#39;s Payment Systems Regulator.As we move into 2024, Fnality UK CEO Angus Fletcher emphasizes the importance of scaling operations within approved frameworks, keeping in mind the delicate balance between innovation and regulatory compliance. Fnality&#39;s successful funding round, raising $95 million from major institutions like Goldman Sachs and BNP Paribas, is a strong indicator of the market&#39;s growing confidence in blockchain-based solutions.The startup&#39;s approach involves creating tokenized versions of major currencies, collateralized by cash held at central banks. This novel concept essentially bridges the traditional and digital finance worlds.The broader financial landscape is also reflecting this trend, with JPMorgan leading the way in exploring <a href="https://defi-planet.com/2023/07/asset-tokenization-in-practice-a-review-of-its-impact-on-financial-markets/" rel="noopener noreferrer nofollow">tokenization</a> and other blockchain initiatives. The recent collateral transaction between BlackRock and Barclays via a decentralized application (dApp) and the unveiling of programmable payments offering on the JPM Coin System exemplifies the industry giant&#39;s commitment to embracing advancements using blockchain tech.These “TradFi-Blockchain” moves extend beyond individual institutions. Conversations with financial institutions globally reveal a growing interest in tokenization, especially concerning real-world assets. As we progress into 2024, industry experts foresee a shift from the current &#34;experimental stage&#34; to actual production and scalability, albeit with challenges like cross-chain communication.While the Bank of England assesses the initial operations of the Sterling Fnality Payment System against regulatory expectations, the House of Commons Treasury Committee is advising thoughtful consideration of a central bank digital currency (CBDC) in the UK.This cautious approach reflects concerns about financial stability, a sentiment echoed globally as central banks experiment with centralized blockchain payments to address settlement process pain points.The Sterling Fnality Payment System and similar initiatives are laying the groundwork for a future where blockchain and traditional finance seamlessly coexist, unlocking new possibilities and redefining the way we perceive and conduct financial transactions. It&#39;s an exciting time for the industry, and we can&#39;t wait to see what the future holds!Catch up on our published articles for the week!ARTICLES●  Crypto Fear and Greed Index; What Is It and How Does It Work? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/12/crypto-fear-and-greed-index-what-is-it-and-how-does-it-work/" rel="noopener noreferrer nofollow"> Learn more.</a>MARKETS●  Injective Outperforms BTC and ETH in 2023: What’s Next for This L1 Blockchain? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/12/injective-outperforms-btc-and-eth-in-2023-whats-next-for-this-l1-blockchain/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Riding the Bitcoin Wave: Will ORDI Continue Its Remarkable Rise? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/12/riding-the-bitcoin-wave-will-ordi-continue-its-remarkable-rise/" rel="noopener noreferrer nofollow"> Learn more.</a>Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/88b45d99411a467c966f51036ca9ffbf.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #80 | Blockchain and Traditional Finance: Coexisting for a Better Future 🧑‍💻🌎

DeFi Planet

2023년 12월 16일에 게재된 다른 기사

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