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Thursday, August 31, 2017

Major Banks Join USC Project for Blockchain-based Cryptocurrency Banking

Major Banks Join USC Project for Blockchain-based Cryptocurrency Banking


Several major banks have joined a project called Utility Settlement Coin (USC) that is intended to facilitate the issuance by central banks around the world of currencies using Blockchain technology.

The USC platform will also make it easier for international banks to settle various transactions with each other, through the use of collateralized assets on a custom-built Blockchain. The new member banks as of late August 2017 are Barclays, Credit Suisse, HSBC, State Street, MUFG, and CIBC.

The USC platform is already undergoing its final test before its live implementation. The new member banks are participating in the project’s final test.

According to project co-founder and UBS Head of Strategic Investment and Fintech, Hyder Jaffrey, the project will serve as a stepping stone to a future in which central banks around the world are already utilizing their own virtual currencies.

"It may well inform the way central banks choose to move things forward. We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point."


Full story at http://bit.ly/2gm6ffF


Source: CoinTelegraph


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