Fnality Secures $136M to Expand Blockchain Payment Systems

Fnality, a London-based blockchain payments firm, secured $136 million in a Series C funding round led by WisdomTree, with notable participants like Bank of America and Citigroup.

The funds boost Fnality’s efforts to revolutionize wholesale settlements using distributed ledger technology, targeting inefficiencies in the lucrative $120 billion cross-border payments market.

Fnality Raises $136M Targeting USD and EUR Markets

Fnality has raised $136 million in a Series C funding round, led by investors including WisdomTree, Bank of America, and Citigroup. This funding will support Fnality’s efforts to enhance blockchain-based payment systems by expanding into the USD and EUR markets. Fnality’s focused use of blockchain technology aims to streamline cross-border transactions, addressing traditional system inefficiencies.

No immediate public market crypto asset impacts have been recorded due to Fnality’s private network design.

“The thesis for us and many of our investors and participants is there are a lot of innovations within that crypto/DeFi space that really are going to make a massive difference to finance overall. The question is, how do you pull them into a regulated environment?” – Rhomaios Ram, CEO, Fnality

Regulated Blockchain Solutions Poised for Financial Transformation

Did you know? Fnality’s blockchain model is based on a regulated Ethereum-like network, offering a historical comparison to prior institutional DLT initiatives, signaling a trend towards broader institutional blockchain adoption.

According to CoinMarketCap, Ethereum (ETH) is priced at $4,195.07, with a market cap of $506.36 billion, reflecting a 12.99% market dominance. Its 24-hour trading volume is $36.92 billion, decreasing by 20.53%. ETH’s price saw a 0.65% rise in 24 hours and a 72.89% increase over 90 days.

Coincu research highlights the transformative potential of blockchain in regulated financial environments. Fnality’s developments could facilitate more efficient cross-border transactions, paving the way for further adoption by financial institutions while awaiting regulatory approvals in new regions.