#utilitysettlementcoin

[oscin]

Big #banks create #UtilitySettlementCoin #USC company http://bit.ly/2IeKPiL Some of the world's biggest financial services firms - including Barclays, Nasdaq and UBS - have pumped £50 million into a new venture building a Utility Settlement Coin (USC), an asset-backed digital cash instrument implemented on distributed ledger technology. The creation of the new company, called Fnality International, marks the commercial stage of a process that began in 2015 when UBS and tech firm Clearmatics floated the USC model for international cross-border payments. The firm has been tasked with creating a regulated network of distributed Financial Market Infrastructures (dFMIs) to support global exchange of value transactions. Initially, five currencies are in scope: CAD, EUR, GBP, JPY & USD. Fnality will create digital versions of each, which will be 100% backed by fiat currency held at the respective central bank with convertibility into fiat at par guaranteed at all times. #Fintech #Insurtech #Wealthtech #OpenBanking #PSD2 #payments #Blockchain #BusinessContinuity @UrsBolt @MarcLussy @SpirosMargaris @Fabriziobustama @xbond49 (hier: Lake Zurich) https://www.instagram.com/p/Bypzc-fCFyq/?igshid=162rbjzeyw1w7

[jonnyfry]

2 Min video about arguably the biggest asset class DERIVATIVES and how Blockchain technology is impacting on them — https://youtu.be/Z0bROpgLGN8

Founded in 2015 Clearmatics is the technology partner that has been selected by Fnality which has been working with a number of institutions and Central banks to create five stablecoins linked to £, Yen, Euro Canadian $ and US$.Fnality was previously called Universal Stable Coin and BIS has called it a wholesale stabelcoinBuilt on the private version of the Ethereum Blockchain called Autonity.Fnality this time last year raised $62+million from 14 different banksFnality is similar to the JP Morgan Jcoin project but the advantage it offers other banks is that it is ownership is much broader and hopefully can achieve faster functionality and number of users given it is already owned by 14 different banksOlaf Ransome, at Fnality, is hoping Fnality will get the green light from Fed, Bof E or the ECB by Q3 2020.The derivative market is massive with estimates at $1 quadrillion OTC derivatives was $558 trillion as of June 2019 (source: BIS). With guidance set by ISDA, which has embraced smart contracts. The derivative market represents a massive opportunity for Blockchain technology to be used by financial institution.Fnality could help improve the efficiency of the way that margin calls are handled of derivatives improving the compliance and risk management for regulated entities.

#Blockchain #CDBC #Economy #DigitalCurrency #bank #money #transparency #trust #stablecoin #interbankpayements #derivatives #State Street #UtilitySettlementCoin #wholesalepayments

Brought to you by Digital Bytes if you would like to receive Digital Bytes weekly please email Jonny.Fry@Teamblockchain.netThe $1quadrillion derivatives market turning to Blockchains

[oscin]

Wen beschäftigt die #Blockchain in der #Schweiz? ->Link in Bio #bitcoin #bitcoinmining #bitcoins #ether #ethereum #ripple #ripples #smartcontracts #worldwideweb #www @level39cw @ubs #usc #utilitySettlementCoin #loyaltyprogram #zahlungsverkehr #internationalerzahlungsverkehr #crossborderpayments #inventoryfinancing #kYC @kantonspolizei_zurich #cyberkriminalität #darknet #fraud #chatbotsummitberlin (hier: Europe/Zurich)