Adhara was behind Project Khokha, which used enterprise blockchain client Quorum to see how zero-knowledge proofs performed with the South African Reserve Bank (SARB).
The move is one of only a handful of public overtures by Fnality, the company that oversees the development of USC. Fnality raised USD 64.5 million in June 2019 from 14 shareholders including banking corporations like Barclays, Santander, BNY Mellon, ING and others. To date, USC’s only known technology partner was London-based Clearmatics Technologies.
The USC is commercial bank money, as opposed to a pure central bank digital currencies (CBDC), which is issued and backed by the domestic central bank and carries sovereign risk. However, the design of USC allows it to carry some of the
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