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Tokenized Cash Fintech Fnality Raises $95M Led by Goldman Sachs and BNP Paribas

November 14, 2023 | by stockcoin.net

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Tokenized Cash Fintech Fnality Raises $95M Led by Goldman Sachs and BNP Paribas

Fnality, a fintech firm, has raised $95 million in Series B funding led by Goldman Sachs and BNP Paribas. The company aims to build tokenized versions of major currencies collateralized by cash held at central banks. DTCC, Euroclear, Nomura, and WisdomTree also participated in the funding round. This funding round reflects the financial sector’s interest in a blockchain-based settlement solution that bridges the gap between traditional finance and decentralized finance. The tokenization of traditional finance assets on blockchain is a growing trend, and Fnality is at the forefront of this movement. The CEO of Fnality International, Rhomaios Ram, stated that their funding round represents the desire for a central bank money-backed solution in wholesale markets. Goldman Sachs sees Fnality as a key enabler in the tokenization trend and believes their application of blockchain technology offers a resilient way for institutions to utilize central bank funds for various use cases.

Tokenized Cash Fintech Fnality Raises $95M Led by Goldman Sachs and BNP Paribas

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Overview

Fnality, a fintech firm specializing in tokenized versions of major currencies, has successfully raised $95 million in a Series B funding round. This funding round was led by Goldman Sachs and BNP Paribas, two major players in the financial industry. The funds raised will be instrumental in supporting Fnality’s growth and further development of their blockchain-based settlement solution.

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Series B Funding Round

Fnality’s Series B funding round was a resounding success, raising a total of $95 million. This funding will be crucial for the company’s continued expansion and innovation in the field of tokenization. By securing this funding, Fnality demonstrates the strong interest and support it has garnered from industry leaders.

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Participants in the Funding Round

Goldman Sachs and BNP Paribas played prominent roles in leading the Series B funding round for Fnality. Additionally, other major financial institutions such as DTCC, Euroclear, Nomura, and WisdomTree also participated. It’s worth noting that several banks that backed Fnality’s previous fundraise in 2019, including Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS, also continued their support in this round.

Tokenization of Traditional Finance Assets

The tokenization of traditional finance assets has gained significant traction in recent years. This process involves converting physical or digitally represented assets into tokens that can be traded on a blockchain network. Tokenization offers numerous advantages, including increased liquidity, fractional ownership, and enhanced transparency. This innovative approach to finance has the potential to revolutionize traditional financial markets.

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Fnality’s Role in Tokenization

Previously known as the Utility Settlement Coin project, Fnality is at the forefront of tokenizing major currencies. Their primary goal is to bring cash on chain to achieve delivery versus payment (DvP) in wholesale banking using shared ledgers. Fnality’s expertise and technology enable the tokenization of traditional finance assets, allowing for seamless and secure transactions.

Benefits of Fnality’s Blockchain-based Settlement Solution

Fnality’s blockchain-based settlement solution offers several notable benefits. One of the key advantages is the desire for a central bank money backed solution, which provides increased security and stability. Additionally, Fnality’s solution bridges the gap between traditional finance (TradFi) and decentralized finance (DeFi), facilitating integration and collaboration between the two. The potential applications of Fnality’s solution include cross-border payments, collateral mobility, and security transactions.

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Goldman Sachs’ Endorsement of Fnality

Goldman Sachs, a renowned financial institution, recognizes the significance of Fnality’s role in the growing tokenization trend. They consider Fnality a key enabler in this trend, as their blockchain technology offers a resilient way for institutions to use central bank funds across various use cases. These use cases include instantaneous, cross-border, cross-currency payments, collateral mobility, and security transactions. Goldman Sachs’ endorsement further solidifies Fnality’s position as a leader in the field.

Edited by Stephen Alpher

This article has been edited by Stephen Alpher, an experienced professional in the finance industry. The editing process ensures the accuracy and clarity of the content.

Disclosure

CoinDesk is a reputable media outlet committed to delivering news and information on cryptocurrency, digital assets, and the future of money. As an independent subsidiary of Digital Currency Group (DCG), CoinDesk adheres to the highest journalistic standards and editorial policies. Some CoinDesk employees, including editorial staff, may receive exposure to DCG equity as part of their compensation. It’s important to note that CoinDesk journalists are not permitted to directly purchase stock in DCG.

About the Author

Ian Allison is an award-winning senior reporter at CoinDesk, specializing in covering developments in the crypto and blockchain industry. With his extensive knowledge and experience, Ian provides insightful and accurate reporting on the latest trends and advancements in the field.

With Fnality’s successful Series B funding round and the endorsement of industry giants like Goldman Sachs, the future of tokenized cash fintech looks promising. Fnality’s blockchain-based settlement solution offers numerous benefits and has the potential to revolutionize traditional financial markets. As the tokenization trend continues to grow, Fnality is poised to play a significant role in bridging the gap between traditional finance and decentralized finance.

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