Fnality, a company that focuses on tokenizing assets, has raised nearly $100 million in its B Series funding round led by Goldman Sachs and BNP Paribas. Leading players such as DTCC, Euroclear, Nomura, and WisdomTree also participated in the B Series funding round.
Goldman Sachs and BNP Paribas Raise $95 Million
Fnality, a fintech company that builds tokenized versions of major currencies backed by cash held in central banks, raised $95 million in its B Series funding round led by Goldman Sachs and BNP Paribas.
DTCC, Euroclear, Nomura, and WisdomTree, among other leading players, participated in the funding round. Additionally, some banks that supported the funding round in 2019 also took part in this round. These banks include Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS.
Filling the Gap Between TradFi and DeFi
Tokenizing traditional financial assets on public blockchains like Ethereum 
$3,094 has become an important topic recently. Previously known as the Utility Settlement Coin project, Fnality is an initiative that aims to provide Delivery versus Payment (DvP) for wholesale banking using shared ledgers.
Rhomaios Ram, CEO of Fnality International, commented on the investment they received, stating, “Our B Series funding round reflects the demand for a central bank-backed blockchain-based settlement solution that aims to fill the gap between traditional finance (TradFi) and decentralized finance (DeFi) in the financial sector.”
Mathew McDermott, Head of Digital Assets at Goldman Sachs, also considers Fnality as a significant facilitator in the growing trend of tokenization, saying, “Fnality’s application of blockchain technology offers institutions a flexible way to utilize central bank funds for a wide range of potential use cases, including instant, cross-border, multi-currency payments, collateral mobility, and security transactions.”
