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Euroclear invests in Fnality

Euroclear invests in Fnality

Euroclear has invested in Fnality, the international consortium of global banks focused on building a blockchain-based payment system to support the adoption of tokenised assets and marketplaces.

Euroclear says the investment will support its ambitions to increase the speed and efficiency for a range of post-trade operations with the settlement of digital securities against digital cash on DLT.

The depository says that recent experiments conducted with the Banque de France on the settlement of Government bonds using a central-bank backed digital currency demonstrated that blockchain technology is suitable to manage post-trade market operations in CBDC.

Fnality last month moved one step closer to launch after two major European banks successfully conducted a proof of concept showcasing the benefits of distributed ledger technology (DLT) in offering near-instant settlement in capital markets and payments.

Rhomaios Ram, CEO Fnality International says: “As we progress from testing to real-world implementation, welcoming Euroclear Group as an investor into the Fnality International consortium will significantly enhance the diversification of Fnality’s network and expand our industry footprint, especially around Financial Market Infrastructure. This has obvious positive implications for the execution of our business and use case strategy.”

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