🌐 Breaking Ground: Bank of England Marks Historic Milestone with First Blockchain Payments

🚀 Pioneering the Future of Finance: Inaugural Blockchain Transactions Unveiled

In a historic move, the Bank of England has etched its name in the annals of financial history by executing the world's first live payments using blockchain technology. These groundbreaking transactions, denominated in sterling, were facilitated through an "Omnibus Account" at the Bank of England.

🌍 Global Collaboration for Institutional-Grade Payments

Fnality, a blockchain-based wholesale payments firm, reported that major shareholders, including Lloyds Banking Group, Santander, and UBS, have successfully completed the "world's first" live transactions digitally representing funds held at a central bank.

🔗 Secure and Efficient Transactions Backed by Central Banks

The introduction of a new systemically important global payment system is hailed as a transformative event by industry leaders. Transactions conducted in sterling using the "Omnibus Account" provide reassurance to institutions, as they are backed by central bank money.

💼 Global Support for Fnality's Vision

Fnality boasts an impressive list of shareholders, including Goldman Sachs, Barclays, BNP Paribas, and others. This diverse backing signals global support for Fnality's ambition to establish regulated, blockchain-based "institutional-grade" payment systems for core currencies, such as the dollar and euro, overseen by their respective central banks.

📈 Looking Ahead: Scaling Operations and Unlocking New Market Use Cases

"As we step into 2024, our focus sharpens on scaling up operations within a managed and approved framework as set out by the Bank of England, and steadily progressing towards unlocking new market use cases," stated Fnality UK CEO Angus Fletcher. The future holds the promise of a more interconnected and efficient financial landscape.

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