Clearmatics says $12m funding round achieved for USC project

October 11, 2018
Chris Wheal

R&D blockchain player Clearmatics, headed by ex hedge fund manager Robert Sams, claims it has raised $12m in a new funding round. The cash will support its Utility Settlement Coin (USC) project – a 17-bank effort to finesse a digital cash instrument.

The USC exercise has staff in both London and Silicon Valley and is led by Route 66 Ventures though the current investment round also has support from TNF Capital and XTC Ventures. 

From execution to settlement

“We are very excited to be working with investors,” says Sams, “who are so committed to disrupting legacy market structure through technology. This investment will enable us to create further DCNs and build a peer-to-peer ecosystem over the entire trade lifecycle, from trade execution to settlement.”

Sams: excited to be upsetting legacy structures

Bank of England link-up

In a press release Clearmatics says it has experience with the Bank of England “on research into blockchain interfaces for the revamp of the UK’s real-time gross settlement network and is currently working with UBS on its Utility Settlement Coin project for the settlement of securities transactions”.

Samir Khosla from TNF Capital is also to join Clearmatics’ board of directors.

Earlier this year Clearmatics partnered with New York-based capital markets technology firm Axoni to work on a derivatives contract project. This saw a contract commenced on one blockchain and settled on a separate, second blockchain network.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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