Blockchain technology continues to make its impact across all areas of our lives, while solution services for this sector also continue to evolve. Fnality, a blockchain payment company based in London, announced that it initiated the first live transactions using the digital representation of funds held at the Bank of England on December 14.
Fnality reported the launch of the Sterling Fnality Payment System, with the participation of Lloyds Banking Group, Banco Santander, and UBS. Company officials stated that they have combined the security and institutional quality of central bank funds with the innovative functionality and flexibility of blockchain technology.
Fnality aimed to create an impact in the blockchain space with its first live transaction and stated that this transaction proves the initial foundations of a broader vision that provides a global liquidity management ecosystem in traditional financial markets and the new tokenized asset markets. With this development, the first phase, which focuses on providing system flexibility and functionality in a live environment, will be subject to limitations set by the Bank of England.
Angus Fletcher, CEO of Fnality UK, mentioned that they are focused on scaling operations within a framework managed and approved by the Bank of England and are focused on uncovering new market use cases.
Last month, Fnality raised $95 million in an investment round led by Goldman Sachs and BNP Paribas. DTCC, Euroclear, Nomura, WisdomTree, and many existing bank supporters also participated in the financing round. Thanks to the software developed in the blockchain area, especially individual users can conduct their financial transactions quickly and with low transaction fees. However, hack attacks that emerge in the cryptocurrency market cause users to fear and worry about this area.