The initiative appears to have grown from a collaboration by UBS with London blockchain company Clearmatics, previously referred to as the Utility Settlement Coin (USC) and first presented as early as 2015.
It appears to aim at blockchain-based digital coins whose value is backed by traditional currencies. This means that in practice they would be used as the traditional currencies they represent, just quicker and more efficiently.
Now, Reuters refers to unnamed sources which say that several of the world’s largest banks are in the process of investing about $50 million to form the company which will provide the new solution.
Trademark applied for
It is to go by the name Fnality, and blockchain news site Coindesk observes that Clearmatics has filed a trademark application for just that word.
Banks that have previously said they were involved with the project include UBS, Banco Santander, BNY Mellon, State Street, Credit Suisse, Barclays, HSBC and Deutsche Bank.