Reuters: Banks to Invest $50M in Blockchain-based Digital Cash Settlement Platform
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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.

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