Nomura, WisdomTree, DTCC, and Euroclear were among the other participants in the Series B funding round.
Lead by Goldman Sachs and BNP Paribas, Fnality, a fintech company that creates tokenized versions of major currencies backed by cash held at central banks, has raised $95 million (£77.7 million) in Series B funding.
Participating in the round were DTCC, Euroclear, Nomura, and WisdomTree. Additional support was provided by several banks that had previously supported Fnality’s $63 million fundraising effort in 2019: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS.
The recent buzz in blockchain technology is the tokenization of traditional financial assets on permissioned, or sometimes public, blockchains such as Ethereum. Fnality, formerly the Utility Settlement Coin project, is considered something of an original pioneer in utilizing shared ledgers to enable delivery versus payment (DvP) for wholesale banking through the use of currency on chain.
“Our Series B funding round reflects the need of the financial sector for a blockchain-based settlement solution backed by central banks that bridges the gap between traditional finance (TradFi) and decentralized finance (DeFi) in wholesale markets,” stated Rhomaios Ram, CEO of Fnality International, in a statement.
Mathew McDermott, head of digital assets at Goldman Sachs, referred to Fnality as a “key enabler” in the expanding tokenization movement. “A robust approach for institutions to use central bank funds across a broad range of possible use cases, including instantaneous, cross-border, cross-currency payments, collateral mobility, and security transactions is provided by Fnality’s application of blockchain technology,” the spokesperson stated.
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