Fnality International, the company behind the utility settlement coin project (USC), has announced that it has joined the Enterprise Ethereum Alliance (EEA).
Fnality was founded last year to drive much needed change in the financial services world. The entity is the commercial realization of the USC project, which aims to create a digital currency that banks can use for settlement, for example, in the derivatives markets. Fnality’s mission is to create and deploy a solution that satisfies all the legal, regulatory, operational and technical aspects of a distributed Financial Market Infrastructure (dFMI).
Formed in 2017, the EEA is a member-led industry organization whose objective is to drive the use of Ethereum blockchain technology as an open-standard to empower all enterprises. The EEA membership base represents hundreds of companies from every region of the world across a wide variety of business sectors, including technology, banking, legal, government, healthcare, energy, pharmaceuticals, marketing, and insurance.
As a member of the EEA, Fnality will collaborate with other industry leaders to create a set of Ethereum-based enterprise technology best practices, open standards, and open-source reference architectures. Fnality believes that their Fnality Payment System will also be an essential enabler for the development of new tokenized assets and the marketplaces that will accompany them.
“Fnality is all about enabling settlement in tomorrow’s financial market infrastructure,” said Adam Clarke, chief technology officer, Fnality International. “Settlement requires all the parties involved to collaborate and cooperate; the EEA’s role is an essential part of that process and we are excited to work with the EEA and the other members to maximise the value of the new technology across the community.”
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