Securities settlement house Euroclear said on Monday it had joined a consortium of banks building a payment system for tokenised assets in the latest sign of established institutions teaming up with newcomers in crypto tech.
Belgium-headquartered Euroclear said it had bought a small stake in the three-year old consortium Fnality as it moves deeper into distributed ledger technology or blockchain, the technology which underpins cryptoassets like bitcoin.
"This has obvious positive implications for the execution of our business," Fnality Chief Executive Rhomaios Ram said in a statement. The Bank of England gave the green light last year to a new type of account at the central bank to cater for a wider range of anticipated payments systems, including those based on blockchain.