Hello guys
Financial Services is a term used to refer to the services provided by the finance market. Financial Services is also the term used to describe organizations that deal with the management of money. Examples are the Banks, investment banks, insurance companies, credit card companies and stock brokerages.
These are the types of firms comprising the market, that provide a variety of money and investment related services. Financial services are the largest market resource within the world, in terms of earnings
While introduction of cryptocurrencies would generate a lot of unreasonable costs for conservative banks just in order to implement the idea, large international banks, on the other hand, are very interested in its growing popularity. In 2014 fintech company named R3 CEV LLC was established with a goal to create a private blockchain and in the end developed the Corda project, introducing the frictionless commerce to the world.
Four well-known banks — UBS, Deutsche Bank, Santander and the Bank of New York Mellon, which are included in the R3 CEV LLC, plan to introduce a new digital currency on the basis of blockchain — utility settlement coin in 2018. It will be used for corporate financial transactions among banks. Unlike Bitcoin, there is a specific subject issuing this electronic money.
Utility settlement coin will reduce costs and simplify the conduct of transactions: bargains will be concluded in cryptocurrency and then be converted into the usual banknotes in central bank. It will allow to save financial and human resources on recalculation of international transactions with local exchange rates and will reduce the time needed to perform payment procedure. The scale of these four banks forecasts a good turnover of the utility settlement coin.
One should also not forget Citigroup with its Citicoins or Goldman Sachs with their SETLcoin.
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