Fnality raises $95 million from Goldman Sachs and BNP Paribas

The London-based blockchain company Fnality raised $95 million in a funding round led by Goldman Sachs and BNP Paribas. This was reported by Yahoo Finance.

Among other investors are: DTCC, Euroclear, Nomura and WisdomTree. A number of banks that supported the firm in the previous round (in 2019 Fnality raised $63 million) also participated. The financial institutions include: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation and UBS.

The company creates tokenised versions of fiat currencies, backed by cash held in custody at central banks.

Fnality International was founded in 2019, when the Swiss financial holding UBS, together with several major companies, announced the launch of a «Bitcoin-like token» USC (utility settlement coin). However, due to regulatory barriers in 2020 the company postponed its implementation.

In February 2022 Fnality launched a pilot project for issuing tokenised shares on Ethereum.

Earlier, the infrastructure startup Taurus raised $65 million following a Series B financing round led by Credit Suisse.

Fnality and other crypto-industry-related projects sit in the investment portfolio of Switzerland’s second-largest bank by assets.