Bank to Basics: USC Project Seeks to Disrupt Traditional Wholesale Banking

Bank to Basics: USC Project Seeks to Disrupt Traditional Wholesale Banking
imageCryptocurrency News6 hours ago (Jun 10, 2019 01:43PM ET)

On June 3, the Utility Settlement Coin (USC) project, one of the most ambitious crypto-based initiatives in mainstream finance, announced that it had taken the next step in its progression: the creation of a new company called Fnality International and the completion of a 50 million British pound ($63.2 million) Series A financing round.

The momentum for USC has been growing since 2015, when the initiative was launched by financial giants UBS, BNY Mellon, NEX, Santander (MC:SAN) and Deutsche Bank (DE:DBKGn), along with blockchain startup Clearmatics. It’s important to note that USC is not a digital currency that individuals can invest in or use to make payments. The essence of the USC project is to create blockchain-based cryptocurrencies to make it easier for international banks to settle various transactions between each other. According to Fnality, USCs are 100% fiat-backed currencies held in respective central banks “with convertibility into fiat currency at par guaranteed at all times.”

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Bank to Basics: USC Project Seeks to Disrupt Traditional Wholesale Banking

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