DTCC

Cryptocurrencies

Fnality International is a fintech startup founded in 2019 that provides digital payment infrastructure leveraging blockchain technology. The company aims to build tokenized versions of currencies backed by funds held in central banks, enabling real-time cross-currency payments. Fnality's blockchain-based system simplifies cross-currency payments, offering 24/7 payment rails with the ability to reduce settlement cycles to real-time while improving intraday liquidity management.
In December 2023, Fnality commenced its Sterling Fnality Payment System (£FnPS) operations with participation from Lloyds Banking Group, Banco Santander, and UBS. The £FnPS brings together the safety and institutional quality of central bank funds with the functionality and resilience of blockchain technology for wholesale payments. Fnality has previously conducted proof-of-concept demonstrations showcasing its capabilities, including real-time settlement of tokenized securities, real-time cross-border FX swaps, and real-time repo transactions.
In November 2023, Fnality secured GBP 132.7 million in total funding after raising GBP 77.7 million in a Series B round led by Goldman Sachs and BNP Paribas, along with investments from DTCC, Euroclear, Nomura, WisdomTree, and existing backers. The funding will support Fnality's global liquidity management ecosystem for new digital payment models in wholesale financial markets and emerging tokenized asset markets.

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Fnality provides digital payment infrastructure using blockchain technology. The company aims to build tokenized versions of major currencies backed by funds held in central bank accounts. The company's core offering is the Fnality Payment System, which uses distributed ledger technology (DLT) to enable 24/7 real-time settlement of financial transactions. This system is designed to simplify cross-currency payments, improve intraday liquidity management, and support new digital payment models in wholesale financial markets and emerging tokenized asset markets.Fnality's technology allows the creation of digital cash assets that can settle tokenized transactions with finality. The system is designed to be available in multiple currencies, interoperate across various business platforms, and represent money held in central bank accounts. This approach aims to provide a more efficient and secure method for settling financial transactions, including securities trades, intraday derivatives, and collateral exchanges.In December 2023, Fnality launched its first operational system, the DLT Sterling Finality Payment System (£FnPS), in the UK. This system, underpinned by a central bank omnibus account and a bankruptcy remote structure, enables atomic settlement and delivery versus payment, addressing settlement risk. The £FnPS is designated as a systemically important payment system by the Bank of England, providing regulatory oversight and confidence in its operations.

Fnality International provides a digital cash system that uses blockchain technology to settle financial transactions. The company develops DLT-based wholesale payment systems in key jurisdictions, each overseen by its home central bank. It also offers banks a system for managing digital payments and supports the growing industry adoption of tokenized assets and marketplaces.

Digital Asset develops distributed ledger technology intended to build distributed, encrypted straight-through processing tools. The company builds platform, developer tools, and leverages modern infrastructure providers to change how businesses interact. Its service offering is Daml, an application platform unconstrained by organizational boundaries where companies can create new multi-party solutions that transform disparate silos into synchronized networks, eradicating latency and errors by guaranteeing consistent data. The company works with organizations in financial services, healthcare, and insurance, including 5 of the top 10 stock exchanges. In 2014, the New York, New York-based company was established by Don Wilson, Eric Saraniecki, Sunil Hirani, and Yuval Rooz. Digital Asset is backed by strategic investors, including 7RIDGE, Eldridge, Salesforce, Samsung, VMware, Accenture, Citi, Goldman Sachs, IBM, and J.P. Morgan.

Acadia builds risk management that helps firms to financial risk and optimize resources. Their services include risk model development, risk analytics, finance, accounting, model risk management, model validation, open risk engine, and publications. They also provide financial modeling and planning. Their financial institutions help with risk model transformation.

DTCC provides financial services to promote the stability and certainty of global financial markets.

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Securrency

Disrupting the traditional financial system using blockchain

Decentralized Finance (DeFi)

Organizations and protocols that allow individuals to lend their crypto assets and take out collateralized or uncollateralized loans from to/from these projects

Organizations that allow individuals to invest in tokenized financial and real assets

Organizations that provide fully decentralized insurance products

Organizations that apply NFTs across areas of finance such as documentation and non-fractionalized ownership records for assets

Decentralized exchanges that help connect buyers and sellers of DeFi tokens without the need to rely on an intermediary

Organizations that provide digital wallets for users to take custody of DeFi tokens

Blockchains and related protocols that allow developers to build DeFi apps

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

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 The Depository Trust and Clearing Corporation (DTCC) and Chainlink have successfully completed a project aimed at creating new tokenization solutions for funds. This initiative, known as the Smart NAV project, was carried out in collaboration with a number of leading US financial institutions.
 The project aimed to develop a standardized process for importing and distributing net asset value (NAV) data across both private and public blockchains using Chainlink's Cross-Chain Interoperability Protocol (CCIP). Involved in the project were American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and US Bank.
 According to the DTCC, the project revealed several potential use cases for on-chain structured data. These include tokenized funds and "bulk consumer" smart contracts, which are capable of holding data for multiple funds.
 
</div> Analyst QuickTake: 
 DTCC and Chainlink have gradually increased their involvement in real-world asset tokenization in the last six months. DTCC <a href="https: 
//sp-edge.com/updates/24809"> acquired Securrency, </a> a platform for tokenizing public and private securities, for USD 50 million last December, and Chainlink <a href="https: 
//sp-edge.com/updates/29083"> partnered with Rapid Addition </a> to allow users of existing trading infrastructure to interact with tokenized assets two weeks ago. Notably, while this space has seen considerable funding for startups in the last few months, this project also showcases growing involvement from traditional institutions. This is further evidenced by <a href="https: 
//sp-edge.com/companies/206885"> Blackrock </a> , which partnered with <a href="https: 
//sp-edge.com/companies/641138"> Securitize </a> in March, <a href="https: 
//finance.yahoo.com/news/blackrock-launches-first-tokenized-fund-222700828.html"> to launch its first tokenized fund on Ethereum </a> , the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

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