Can wholesale payments be tokenized?

In the first episode of our new season of Web3 Innovators, our host Conor Svensson is joined by Rhomaios Ram, CEO of Fnality International. Fnality was founded to create a network of decentralised financial market infrastructures to deliver the means of payment on chain in wholesale banking markets. 

In this episode, Rhomaios shares how he became involved in blockchain and Web3 as a traditional banker. 

In this episode you’ll hear:

• The transition from The Utility Settlement Coin Project to Fnality International.
• Finding a legal structure that mimicked what was happening in the crypto space.
• The 3 design criterias for on-chain means of payments.
• The difficulty of fitting this new technology into the existing regulatory environment without creating new legislation.
• Meeting the high standards needed to become a payment system.
• The difficulties of working in a highly controlled market.
• The future of permissionless blockchain.
• The primary focus for Fnality and its investments.

Key Takeaways:

• “I think in the last seven or eight months the crypto space and the big push towards web3 has created a sense of inevitability about this change coming.” - Rhomaios Ram
• “Many more people in the traditional space, instead of thinking about if it is going to happen, they're thinking ‘what is going to happen and how do I position myself’.” - Rhomaios Ram

Resources:

• Deutsche Bank
• Principles for Financial Market Infrastructures, BIS Report April 2012

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