UBS' Blockchain-Based 'Digital Coin' Gains Funds Raised by Partner Clearmatics
The utility settlement coin developed by Switzerland-based UBS in partnership with Clearmatics Technologies has gained its first round of funding thanks to UK-based Clearmatics. The initiative to link real-world fiat currencies with central bank accounts through a 'settlement coin' gained traction after Clearmatics completed its first round of funding. The blockchain-based settlement coin, dubbed 'digital coin' is seen as a means to help establish the block chain in global finance and change the global payment system. As reported by Bloomberg, investors include Nyca Partners, Route 66....
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With so many companies exploring the world of blockchain technology, interest from investors keeps on growing month over month. Clearmatics Technologies, a company, based in London and partner of UBS Group AG, wants to adapt blockchain technology to redesign the global payment system. Among the first round of funding were some notable investors, including big names who previously invested in other Blockchain companies. The partnership between UBS – one of the world’s largest banks – and Clearmatics Technologies was originally announced in September of 2015. At that time, it seemed strange....
Four banks have reportedly partnered on a blockchain project aimed at creating a means to clear and settle transactions worldwide. BNY Mellon, Deutsche Bank, Santander and UBS – the latter of which first disclosed its work on a so-called "settlement coin" last year – are hoping to launch a commercial-grade blockchain system by 2018, according to The Financial Times. The banks are working with blockchain startup Clearmatics, based in London. A formal announcement will reportedly be made tomorrow, FT's Martin Arnold reports. He explained in the article: "The utility settlement....
Why would anyone want to use a coin issued by four large banks bailed out in 2008? That's a question that many are asking after UBS, Deutsche Bank, Santander, BNY Mellon and ICAP announced last week that they had teamed up with blockchain developer Clearmatics to create a new digital currency. In a joint press release, the new consortium said that the "Utility Settlement Coin" would be used to clear and settle financial market trades on a blockchain. But while it would be easy to see this as an alternative means of settlement using a private currency owned, issued and backstopped....
Four banks are teaming up to bring a blockchain inspired clearance and settlement system for worldwide transactions. BNY Mellon, Deutsche Bank, Santander and UBS believe they can launch a commercial blockchain by 2018. The banks work with a blockchain startup called Clearmatics. The Financial Times‘ Martin Arnold reports: “The utility settlement coin, based on a solution developed by Clearmatics Technologies, aims to let financial institutions pay for securities, such as bonds and equities, without waiting for traditional money transfers to be completed. Instead, they would use digital....
Juzhen Financials, a startup led by China UnionPay veteran Lilin Sun, has raised $23m (¥153m) to develop clearing and settlement solutions based on distributed ledger technology. The Series A funding was led by Wanxiang Holdings and included support from its blockchain-focused investment subsidiary Fenbushi Capital. The funding marks the largest investment round raised yet by an Asia-based blockchain startup, CoinDesk data reveals. As a result, the Shanghai-based startup becomes one of the best positioned blockchain firms to seek to collaborate with banking incumbents on solutions for....