Top world's financial institutions including Swiss bank UBS Group AG, Barclays, HSBC Holdings Plc and Deutsche Bank AG are about to invest almost $50 million in blockchain-based digital cash system, Reuters reports.
According to Reuters, approximately a dozen banks are investing in a new project called Fnality which would run the platform. It's expected that the project will go live in 2020.
A spokeswoman for Barclays claims the bank is a member of the USC Project and can confirm that the Research & Development phase "is coming to an end."
Moreover, Reuters notes the asset would be "a digital cash equivalent of central bank-backed currencies" like fiat currency that would run on a distributed ledger tech.
Earlier, the Chief Technology Officer at Bank of America, Cathy Bessant, highlighted that blockchain is a technology that includes various potentials and yet it is full of sound and fury.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.