Liechtenstein bank Union Bank AG announced it was issuing its own security tokens and in-house cryptocurrency backed by fiat in a press release Friday, August 17.
Union Bank, which has concentrated increasingly on blockchain this year, said issuing its so-called “Union Bank Payment Coin (UBPC)” was a further step towards becoming a “full-service blockchain investment bank.”
UBPC will act as a stable coin, the institution explained, and will have fiat currencies “such as the Swiss franc” as its backing.
“Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike,” chairman of the board of directors Mohammad Hans Dastmaltchi commented in the release.
“…As such, our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions.”
The news came the same week that
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