Fnality raised $136 million to widen its blockchain payment network for banks seeking instant settlement in tokenized with major banks. With Bank of America and Citi among the contributors, pushing the project closer to systems that could sit beside or replace SWIFT and connect banks, custodians and token platforms that need faster liquidity. The round advances Fnality’s bid to deliver instant, interoperable settlement across traditional and digital finance.
The key players of this movement
In addition to those already mentioned KBC Group, Temasek and Tradeweb join as new investors, alongside Barclays, BNP Paribas, Goldman Sachs and ING. The participation of major banks signals growing institutional engagement as the network positions itself as critical market infrastructure for cross-institutional settlement.
The main objectives of Fnality
Fnality runs a distributed ledger that posts atomic settlements against reserves held at central banks, with live traffic since late 2023. Chief executive Michelle Neal states that the platform now works toward round-the-clock links with domestic payment rails. Tests with DTCC’s Digital Launchpad are under way, while ties to Nivaura, OSTTRA and Baton Systems add extra services.
What is expected from this movement?
Jonathan Steinberg, head of WisdomTree, calls the network “critical infrastructure” where traditional and digital finance meet. Earmarking refers to funds being tagged and locked for one stated use, ensuring that liquidity is reserved for a specific transaction path.
Atomic settlement means the swap of two assets completes in full or fails in full, so no party ends up partly paid.
Checklist and next milestone
The next steps for Fnality will be to entry into dollar and euro markets after approvals, with timing likely to decide how fast institutions move.
