Report: Top Banks Alleged to Be Investing $50 Million in Digital Cash Settlement Project

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.

While the banks involved in the latest $50 million investment round have not been disclosed, Reuters notes that institutions involved previously in the UBS project included UBS, Banco Santander, Bank of New York Mellon Corp, State Street Corp, Credit Suisse Group AG, Barclays PLC, HSBC Holdings Plc and Deutsche Bank AG.

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