One top crypto news story today is about Fnality International, a London-based tokenized cash provider. The blockchain firm has announced it raised £77.7 million ($95 million) in its Series B funding round, led by Goldman Sachs (NYSE:GS) and BNP Paribas (EPA:BNPP).
Other investors in the round included Depository Trust & Clearing Corporation (DTCC), Wisdom Tree, Nomura Holdings and Euroclear. Returning Series A investors included Banco Santander (BME:SAN), BNY Mellon, Barclays (LON:BARC), Commerzbank (ETR:CBKG), Lloyds Banking Group (LON:LLOY), UBS, Nasdaq Ventures, CIBC, State Street (NYSE:STT), and Sumitomo Mitsui Banking Corporation.
We’re so excited about our second round of funding, securing the backing of @GoldmanSachs, @BNPParibas, @The_DTCC and many more to continue developing the first 24/7 global payments and liquidity management ecosystem for wholesale finance.#Fnality #SeriesB— Fnality International (@fnality) November 14, 2023
Fnality eyes a blockchain-based payments solution
The Series B round brings Fnality’s total financing to £132.7 million (165.3 million). The firm will use the funds to continue the development of its crypto business, which involves a wholesale payments and liquidity management ecosystem. This was shared in a press release.
Rhomaios Ram, CEO of Fnality International, said in a statement:
“Our Series B funding round represents the financial sector’s desire for a central bank money backed blockchain-based settlement solution that bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) in wholesale markets.”
The company’s Sterling Fnality Payment System (£FnPS) utilises distributed ledger technology (DLT) to provide a payment rail with real-time settlements accessible 24/7. Fnality expects to launch the payments system by the end of this year, with this development subject to approval from the Bank of England.
Fnality International has partnered with the Ethereum Enterprise Alliance (EEA) and is a member of the International Securities Services Association (ISSA).
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