#utility settlement coin

[tsakf]

Big Banks Announce Fiat-Pegged 'XRP Killer' Crypto For Settlements

Banking giants in the U.S., Japan, and across Europe have create a consortium to use a cryptocurrency not named XRP in cross-border transfers.

[lastestcryptonews-blog]

R3 Rebuffed In Attempted Bid for Settlement Coin Blockchain Project

R3 Rebuffed In Attempted Bid for Settlement Coin Blockchain Project

Enterprise blockchain is a tough old game.

R3, one of the most prominent startups in the sector, tried unsuccessfully this summer to muscle in on another blockchain consortium, the Utility Settlement Coin (USC) project, which is managed by U.K. technology vendor Clearmatics, CoinDesk has learned.

In early June, R3 proposed to the USC’s bank members that the project be built on the startup’s…

View On WordPress

[lastestcryptonews-blog]

R3 Rejected in Attempted Takeover of Settlement Coin Blockchain Project

R3 Rejected in Attempted Takeover of Settlement Coin Blockchain Project

Enterprise blockchain is a tough old game.

R3, one of the most prominent startups in the sector, tried unsuccessfully this summer to muscle in on another blockchain consortium, the Utility Settlement Coin (USC) project, which is managed by U.K. technology vendor Clearmatics, CoinDesk has learned.

In early June, R3 proposed to the USC’s bank members that the project be built on the startup’s…

View On WordPress

[nuadox]

Six financial services firms join the “utility settlement coin” project

- By Dom Galeon , Futurism -

Security is one of the most critical aspects of banking and finance. Not only do banks need to keep money secure, they also have to keep transaction records safe, all while not slowing down the verification process.

That’s why banks and other financial institutions have been taking a good hard look at blockchain, a decentralized, distributed digital ledger technology first created to support the bitcoin cryptocurrency. Now, six of those banks have decided the best way to take advantage of blockchain is by partnering on their own cryptocurrency.

The digital coin, which they are calling the “utility settlement coin,” was developed back in 2015 by financial services firm UBS, and its purpose is to enable the clearing and settling of transactions worldwide over a blockchain. The six new banks — Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street — join UBS, BNY Mellon, and several others already on the project.

The new cryptocurrency is slated for a limited back end run by 2018, and the banks have been in discussions with central bank regulators regarding the cryptocoin.

This article was originally published on futurism.com as “Six Banking Giants Just Decided to Partner to Create a New Cryptocurrency”. The body copy was shortened; the title, certain links and their placement have been modified to reflect Nuadox style considerations.

Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)

Read Also

Australia’s biggest stock exchange goes ahead with blockchain implementation

[blockstreet-info]

One Coin to settle them all? • Bitcoin IRA

Hardcore cryptocurrency promoters strongly believe that decentralized cryptocurrency will slowly overtake the established financial system. However, the core of the Bitcoin innovation, Blockchain technology, has gained ready acceptance on Wall Street. Owing to its numerous applications, major banks are moving...