$50 million to be invested in digital cash settlement

banks 50 million

There have been several allegations that some of the world’s leading banks are starting to invest $50 million for building a blockchain-powered platform.

According to the rumors, the platform will be about digital cash systems and for settling transactions without any extra fees and extra waiting time.

This is not the first time that the crypto industry has seen such a development. The first version of such a project was cited in 2015 when a Swiss bank called UBS Group AG and Clearmatic created a blockchain-based digital currency settlement system.

However, according to the Reuters reporter who initially reported the news, this project will be significantly different.

First things first is that it is going to be on a much larger scale than the 2015 version with the Swiss bank and it will be involving more than 10 largest banks all over the world.

The project is seemingly launching sometime in 2020, although no clear indication has been found yet. Furthermore, the system is still in development.

Which banks are involved?

Unfortunately, none of the banks’ names have been disclosed for the $50 million investment round. However, Reuters did try to indicate on similarities between this project and the 2015 project. From their analysis, it became relatively clear that the investors will be for the most part the same.

Companies such as UBS, Credit Suisse Group, Barclays PLC, Deutsche Bank and etc. these are major names in the financial industry. And seeing just $50 million being invested by so many big names indicates that the project is going to be something major.

This could be amazing news for coins such as JPM Coin and Dukascoin, which have the potential of becoming the primary currency of the platform. Whether or not XRP is being considered is not known yet, but the same can be said about the coins listed above. For all we know, the platform can create its own crypto and use it instead of other altcoins.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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