Mizuho Bank has joined Fnality International’s group of 14 founding shareholders, extending the backing of the utility settlement coin.
The shareholders are working to deliver the collective goal to transform clearing and settlement processes, and support global exchange of value transactions; setting the standards for tomorrow’s tokenised infrastructure.
The Japanese bank will be working with founding shareholders including Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS.
According to the group, significant progress has also been made building its technology stack and preparing the initial use cases that will use USC as a settlement asset.
Fumio Tajima, executive officer at Mizuho Bank, commented: “We are delighted to join this strong group of founding shareholders. Mizuho is fully committed to being a driving force in change in financial services. We see that distributed ledger technology offers huge potential and the use of USC as a settlement asset will be pivotal in enabling this change.”
Rhomaios Ram, CEO of Fnality, said: “We are very pleased Mizuho have joined our shareholders so soon after the formation of the company. Having all three of Japan’s major banks involved in Fnality’s initial work to build out our foundations will help us ensure we make the best possible choices to help build tomorrow’s financial market infrastructure both in Japan and globally.”
