A group of global financial heavyweights, including Bank of America and Citi, has invested $136 million in Fnality to expand its blockchain-based payment and settlement infrastructure. The Series C funding round highlights a significant push by traditional institutions to upgrade wholesale financial systems using distributed ledger technology (DLT).

Fnality's platform enables 24/7, real-time settlement for wholesale markets, utilizing tokenized currencies backed by central bank reserves. This investment signals a growing commitment from major banks to modernize payment rails and explore the efficiencies of tokenized assets for complex transactions like repo and securities settlement.

On the consumer front, payments giant Visa has partnered with crypto rewards company Fold to launch a new bitcoin cashback credit card. The card, powered by Stripe, allows users to earn up to 3.5% back in bitcoin on every purchase.

Together, these developments illustrate parallel progress in crypto adoption. While Fnality’s funding underscores the drive for institutional-grade blockchain infrastructure, the Fold and Visa partnership shows the increasing integration of digital assets into everyday consumer finance products.

Read More:
https://fnality.com/news/fnality-raises-136-million-in-series-c-funding