Report: Top Banks Alleged to Be Investing $50 Million in Digital Cash Settlement Project

Sources ostensibly familiar with the matter have claimed that some of the world's leading banks are currently investing around $50 million to build a blockchain-powered digital cash system for transaction settlement.

An earlier project for a blockchain-based currency settlement coin was unveiled by Swiss bank UBS Group AG and London-based technology startup Clearmatics at early as 2015, as Cointelegraph reported at the time.

One of Reuters' sources has said that the latest development involves around a dozen major banks investing in a new entity dubbed Finality, which could launch as early as 2020 - although the deal has purportedly not yet been finalized, so details could still change.

"We are a member of the USB Project and can confirm that the Research & Development phase is coming to an end."

Other representatives from other banks reportedly did not provide Reuters with a comment.

As Cointelegraph has reported, United States banking giant JPMorgan Chase has this year unveiled plans to launch its own blockchain-powered coin focused on increasing settlement efficiency, dubbed "JPM Coin.".