Leichtenstein’s Union Bank announced in a press release that they will be launching their own security token and that it will be followed by a Union Bank Payment Coin (UBPC) crypto token.
Union Bank is Leichtenstein’s full licensed bank that becomes the first to issue its own crypto tokens. It will launch the tokens under the Leichtenstein’s regulatory authority FMA. The token will be a stablecoin backed by Fiat currency like Swiss Franc.
Union Bank AG – located in the middle of Europe bordering Switzerland and Austria – primarily offers corporate banking services in Europe mainly to German, Swiss, Austrian and Middle Eastern companies.
Bank has a very progressive view on Blockchain and it already supports ICOs and clients through partnerships with crypto brokers and crypto advisors for conversion of fiat into crypto currencies and vice versa.
Taking the bouquet of crypto services one step further, Union Bank wants to become a full service Blockchain investment bank and even implementing blockchain throughout its own processes.
Verum Capital AG, a boutique blockchain services firm, has been chosen as a partner to work on this initiative.
“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. As a fully licensed and regulated bank we are in a privileged position to combine all the advantages of traditional banking with the possibilities inherent in the blockchain technology. As such, our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions. With our initiative we are investing in the future and becoming the world’s preeminent blockchain investment bank.”, said the Chairman of Board of Directors, Mr. Dastmaltchi in the press release.
Such an initiative is a strong indicator that the traditional finance sector will be better off adopting blockchain rather than resisting it.
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