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Six global banks unite to launch bitcoin rival
04/09/2017 , Cityfly

Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street have teamed up to work on a project aimed at making it easier for central banks to issue currencies on a blockchain.

Entitled Utility Settlement Coin (USC), the project aims to help prepare the way for central bank cryptocurrencies by making it easier for global banks to conduct a wide variety of transactions with each other using collateralized assets on a custom-built blockchain.

The six firms will join founding financial institutions UBS, BNY Mellon, Deutsche Bank, Santander, NEX and blockchain startup Clearmatics to work on the last phase of the project before live implementation.
 

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