The brief

Analyst view

• Live in USD, EUR and SGD; 10 more currencies planned (Nov 2024).
• Processed over $1B of transactions by Nov 2024; 2023 revenue was only $285,000.
• Partnering with LSEG's DiSH for 24/7 multi-bank settlement liquidity, go-live from Q1 2027.

Technical approach

As reported

Shared ledger

One record instead of many

Banks keep balances on one blockchain ledger instead of mirrored correspondent accounts that must be reconciled.

Atomic

Both legs or neither

FX trades settle payment-versus-payment: both currencies move in the same instant or not at all, removing settlement risk.

Bank money

Tokenised deposits, not stablecoins

Balances are claims on regulated settlement banks such as Deutsche Bank and J.P. Morgan, not on a crypto issuer.