Mizuho Bank, the core group company of Mizuho Financial Group, has joined the original group of 14 founding shareholders of Fnality International (Fnality), a company focused on developing an on-chain payments system for the financial markets utilising the Utility Settlement Coin (USC).
Since the close of the Series A funding round in June, Fnality has been working hard to build out corporate capabilities; including adding to the management team, engaging with the various central banks in order to establish local entities and with shareholders to ensure they will be ready to use the Fnality platform.
Significant progress has also been made building the technology stack and preparing the initial use cases that will use USC as a settlement asset.
Fumio Tajima, Executive Officer at Mizuho Bank says, “We are delighted to join this strong group of founding shareholders. Mizuho is fully committed to being a driving force in change in financial services.” Adding, “We see that Distributed Ledger Technology (DLT) offers huge potential and the use of USC as a settlement asset will be pivotal in enabling this change.
Rhomaios Ram, CEO of Fnality, says “We are very pleased Mizuho have joined our shareholders so soon after the formation of the company.” Adding, “Having all three of Japan’s major banks involved in Fnality’s initial work to build out our foundations will help us ensure we make the best possible choices to help build tomorrow’s financial market infrastructure both in Japan and globally.”
Fnality was set up by a consortium of financial institutions. The founding shareholders comprise: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS.
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