Blockchain Company Secures $95M Funding From BNB Paribas and Goldman Sachs
Fnality, a London-based firm specializing in blockchain payments, just secured an impressive $95 million in funding.
Led by Goldman Sachs and BNP Paribas, this round saw support from DTCC, Euroclear, Nomura, and WisdomTree, along with banks like Banco Santander, BNY Mellon, Barclays, and others who previously backed Fnality in 2019.
This funding confirms earlier reports from September 2022, hinting at Fnality’s Series B pursuit in collaboration with Broadhaven Capital Partners.
Their primary focus involves creating tokenized fiat currencies backed by central bank reserves.
Initially known as the Utility Settlement Coin (USC), the project faced regulatory delays in 2020 but found potential progress with the Bank of England’s plan to grant access to central bank funds through omnibus accounts in 2021.
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Fnality promptly confirmed its application for this access.
In February 2022, Fnality successfully executed a proof-of-concept on Ethereum, issuing tokenized securities and handling payment processes.
CEO Rhomaios Ram, formerly with Deutsche Bank, remains confident in Fnality’s trajectory, projecting a payment system launch by October 2022.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
