Bankers will invest about $50 million

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      Sources familiar with the plan said that several large global banks are investing about $50 million to create a digital cash system using block-chain technology to settle financial transactions.
The previously disclosed project, called utility settlement coin/USC, was pioneered by UBSG.S. and London-based technology start-up Clearmatics in 2015 with the goal of developing a system to make financial market liquidation and settlement more efficient.
A source said that about 12 banks had invested in an entity called Fnalit, which would run the project.
The deal has not yet been finalized, so details may be adjusted. The person said the new system could be launched in 2020.
It is not clear which banks are involved in the investment.


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