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As blockchain technology continues to resonate in all areas of our lives, solution services for this sector keep evolving. In line with this, Fnality, a London-based blockchain payment company, announced on December 14 that it has officially launched the first phase of live transactions using a digital representation of funds held within the Bank of England.
Fnality’s Major Leap
According to a public statement, Fnality, with the participation of Lloyds Banking Group, Banco Santander, and UBS, announced the launch of the Sterling Fnality Payment System. Company officials stated the following in their announcement:
“For the first time, we brought together the security and institutional quality of central bank funds with the innovative functionality and flexibility of blockchain technology in a systemic corporate payment system.”
Fnality added to their announcements that the first live transaction aimed at making an impact in the blockchain space has proven the initial foundations of a broader vision encompassing multiple jurisdictions by providing a global liquidity management ecosystem in both traditional financial markets and emerging tokenized asset markets. With this development, the first phase, focused on ensuring system flexibility and functionality in a live environment, will be subject to the limits set by the Bank of England. Fnality UK CEO Angus Fletcher made the following statement regarding the matter:
“As we step into 2024, we are steadily focused on scaling operations within a framework managed and approved by the Bank of England and unlocking new market use cases.”
Blockchain and Financial Solutions
Last month, Fnality raised $95 million in an investment round led by Goldman Sachs and BNP Paribas. DTCC, Euroclear, Nomura, WisdomTree, and many existing bank supporters also participated in the funding round.
Thanks to software developed in the blockchain field, especially individual users are able to conduct their financial transactions quickly and with low transaction fees. While many solution programs are being developed in this field, the hack attacks emerging in the cryptocurrency market are causing users to feel fear and concern about this area.
