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Global banks mint digital coin for fast cross-border transfers
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. Fnality ... (full story)