Banks Unite To Launch A cryptocurrency

Four of the largest international banks announced that they have teamed up in a Blockchain project, with the goal of creating forms and mechanisms to carry out financial transactions around the world.

Banks BNY Melon, Deutsche Bank, Santander and UBS have joined forces to develop and future launch of a Blockchain system together with a very cryptocurrency to trade on a large scale, which the public should have access in mid-2018.

According to the Financial Times, banks are working with the London firm of Blockchain services call Clearmatics  .

According to the Financial Times editor, Martin Arnold, this initiative is a great movement that articulates efforts between renamed banks, bringing them to the market cryptocurrency incorporating new technologies.

Below description of the talk of Martin Arnold:

"The digital currency for utility settlement, based on the development of Clearmatics solutions, aims to allow financial institutions to make payments of securities funds, bonds and stocks, without the need to wait for a traditional transference of money to complete the operation. Instead, they would use digital currencies that are convertible directly in cash at central banks, reducing the time and cost of post-trade clearing and settlement. "