The banking industry is hellbent on taking over the nascent blockchain and cryptocurrency market. A group of financial firms led by UBS Group AG is eyeing blockchain technology for settling cross-border trades with its own “Bitcoin-like” token. The 14 firms – including Barclays, Nasdaq, Credit Suisse Group, Banco Santander, ING, and Lloyds Banking Group – have registered a new entity to control the devleopment of the token, dubbed ‘utility settlement coin’ (or USC for short), The Wall Street Journal reports. The financial giants have poured over $60 million into the new company, called Fnality International. The token, which has been…
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