TOKYO -- Major banks in Japan, the U.S. and Europe are developing a blockchain-based digital coin that can be used to instantly settle overseas money transfers instantly, lowering transaction costs by cutting out intermediaries.
The project will be run by Fnality International, a company recently established in London with about 50 million pounds ($63.1 million) in capital from 14 participating banks, including Japan's MUFG Bank and Sumitomo Mitsui Banking Corp.; UBS, Credit Suisse and Barclays of Europe; and U.S.-based State Street. The Japanese banks are believed to have contributed several hundred million yen each.
