Fnality International Raises $136 Million from Major Banks
Fnality International Ltd., a UK-based blockchain payments company, has raised $136 million in a funding round. The round was led by major banks interested in cryptocurrency technology.
According to Bloomberg, key investors include Bank of America, Citigroup, KBC Group, Tradeweb Markets, Temasek Holdings, and WisdomTree. Existing investors like Banco Santander, UBS, and Goldman Sachs also participated.
Expansion Plans and Blockchain Innovation
UBS led Fnality’s initial blockchain project before the company launched in 2019. CEO Michelle Neal said the funds will help expand payment infrastructure, create new products, and accelerate regulatory approvals.
Fnality aims to use blockchain to simplify financial market infrastructure. Its platform allows banks to settle trades with digital cash fully backed by the Bank of England. This speeds up settlements involving tokenized assets such as stocks and bonds.
The London-based company launched its pound-based payment system in 2023. It is now seeking approval to extend its on-chain settlement platform to other major currencies.
Increased Activity in the Crypto Sector
- Recent regulatory changes have boosted crypto sector activity.
- In June, JPMorgan Chase tested JPMD, a token representing dollar deposits.
- World Liberty Financial’s co-founder Zak Folkman plans to launch a debit card linked to its USD1 stablecoin.
