Four major banks have teamed up with broker ICAP (OTCPK:IAPLF) to create a digital currency called the “utility settlement coin.” UBS (NYSE:UBS), Deutsche Bank (NYSE:DB), Santander (NYSE:SAN) and BNY Mellon (NYSE:BK), as well as ICAP, hope that the currency will become an industry standard used to clear and settle financial trades. The project is competing with similar initiatives from the likes of Citibank (NYSE:C), Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM).
