London-based blockchain payments company FNALITY has secured $136 million in a Series C funding round backed by some of the world’s largest financial institutions.
According to a announcement on Tuesday, Bank of America, City, KBC Group, Temasek, Temasek, TradeWeb and Wisdomtree led the round, with investors like Goldman Sachs, Santander, Barclays and UBS returning.
“The closure of Series C reflects the shared belief that the future of money demands a new foundation,” said Fnality CEO Michelle Neal. She added that the company’s blockchain-based payment system offers “24/7 payment rail, real-time payments and increased liquidity.”
Fnality, which launched a Stirling-controlled frankality payment system in the UK last year, aims to modernize wholesale payments through blockchain-based infrastructure associated with central bank reserves. The new capital said it will help Fnality expand into the US dollar and euro markets as regulatory approvals are pending.
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fnality taps dlt into bridged cradfi and tokenization market
Fnality simplifies institutional settlements using distributed ledger technology, allowing real-time repos, tokenized securities settlements, and currency payments. The goal is to connect traditional finance with tokenized markets while improving liquidity and reducing settlement risk.
Wisdomtree CEO Jonathan Steinberg described the Fnality platform as a “critical foundation” for tokenized finance. “Our investment in fnality reflects our ambition to plug directly into a rapidly growing tokenized market,” Steinberg added.
Deepak Mehra, head of City’s digital strategy, said it is in line with the bank’s strategy to build a more efficient and interoperable payment system for digital assets.
In 2023, Fnality raised $95 million in a fundraising round led by Goldman Sachs and BNP Paribas, joining Euroclear, DTCC, WisdomTree and existing supporter Nomura.
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Google launches AI payment protocols using Stablecoin support
Fnality’s recent salary increases come amid growing interest in crypto payment rails. Last week, Google launched an open source protocol, working with Coinbase, Salesforce, American Express, and more than 60 other partners, which allows AI applications to send and receive payments, including Stablecoin Transactions.
The system is designed to work with both traditional payment rails and emerging encryption options, reflecting the increasingly ridiculous use of dollar pages in AI-powered systems.
Additionally, SBI Shinsei Bank has partnered with Singapore’s Partyle and Japan’s Decurret DCP to explore multicurrency tokenized sediments for cross-border settlements. The trio signed the MOU to develop a blockchain-based framework that allows for real-time clearing in a variety of currencies.
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