A London-based blockchain firm Fnality International is seeking $56 million in a Series B funding round.
In June 2019, this company has raised successfully the same amount in the Series A round with assistance from investment bank – Broadhaven Capital Partners.
According to another person who has known about this matter, there are a US commerce firm and an investment bank have already agreed to fund Finality. The information is still not disclosed.
From the official announcement of Fnality International:
“Following on from its successful Series A investment round, Fnality is currently raising funding as part of an ongoing Series B investment round. Full details will be provided by Fnality upon the completion of the round”
Funding from Series A three years ago is the opportunity for Fnality to connect with big banks, and aim to visualize becoming the blockchain-based payments system.
From that time until now, there are 16 financial institutions that are the backers of Fnality such as Sumitomo Mitsui Banking Corporation, MUFG Bank, Nasdaq, BNY Mellon, Barclayand s, CIBC,… to name a few. Euroclear – a Belgium-based securities company also announced about this stake in Fnality.
At the time of establishment, this firm is a consortium of banks, utilizing the blockchain application to manage trade and tokenized assets. In June 2019, the funding from Series A round marked the transformation of this company into a commercial entity. The first name of USC (Utility Settlement Coin) is changed into Fnality as today)
Fnality International set goals to build a network of blockchain-based payment systems that applied to 5 main currencies including USD Dollars, Euros, British Pounds, Canadian dollars, and Yen. In each country and area that Fnality set up, the firm will tokenize currencies with the local central banks to connect crypto assets and fiat currencies. One of the most applicable used case of this payment solution is the issuance and redemption of bonds.
Although some delays due to the regulatory approval, Fnality International is still in the race with the event of becoming a proof-of-concept tokenization of Ethereum at the beginning of this year. All the previous achievements are the foundation for the upcoming launch of payment system in October this year.
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