Fnality Brings in Former BoE Chief as It Expands Central Bank-Backed Settlement Network

Jon Cunliffe, former Deputy Governor of the Bank of England, has joined Fnality as chair of its UK board. Fnality operates a blockchain payments system that allows participating banks to settle obligations using central bank-backed money. The company is seeking regulatory approval to launch dollar and euro settlement networks, expanding its model beyond sterling.

Cunliffe's appointment comes as Fnality works to expand its network, which currently uses sterling for wholesale settlements. The company has already raised $136 million in a Series C funding round and is backed by major financial institutions such as Goldman Sachs, UBS, and Citigroup.

Fnality's central bank-backed settlement model aims to connect digital assets with digital payments, allowing securities and the money used to settle them to move across compatible infrastructure. The company's sterling system has already been used for transactions involving tokenized securities, foreign exchange, and repo markets.