The failure of FTX has rocked the cryptocurrency market to its very core, but traditional financial institutions are stepping into the world of digital currency.
The Regulated Liability Network, a proof-of-concept digital currency platform, was launched on Tuesday according to a group of banking organisations that includes HBSC, Mastercard, and Wells Fargo (RLN). The New York Innovation Center (NYIC), a division of the Federal Reserve Bank of New York, is pleased to be working with the members of the American banking and payments community on this [proof-of-concept] project, the group said in a statement. According to the group, the platform will make use of opportunities to enhance financial settlements by using distributed ledger technology, also known as a blockchain.
