European Bank will issue a stable cryptocurrency, supported by the Swiss franc – Correo del Orinoco

Union Bank AG, from Liechtenstein, has announced that it will issue its own security tokens (tokens as financial assets) and internal cryptocurrencies, supported by a decree. A token is considered a financial asset if it can be bought and sold in public markets (tradear).

The bank, which has made extra efforts this year to focus more on blockchain, said that issuing the "Union Bank Payment Coin (UBPC)" call was another step towards becoming a full service in blockchain. to invest ".

UBPC will act as a stable currency, or stable currency, explained the institution and will have fiduciary currencies as back-up, such as the Swiss franc.

"Our goal is to become the first blockchain investment bank in the world to deliver tangible solutions that help increase efficiency, reduce the cost base and create new revenue opportunities for our customers and intermediaries," said the CEO. board Mohammad Hans Dastmaltchi.

"… as such, the payment currency of our Union Bank with fiduciary support can shift the focus of international trade and cross-border international transactions."

The news came in the same week that the largest exchange of cryptocurrencies, Binance, launched an exchange of fiduciary currencies with cryptocurrencies in the small European principality that provided both Swiss francs and euros. Both Binance and Union Bank praised the pro-blockchain position of the jurisdiction, indicating that it is desirable to see the functionality increase over time.

In collaboration with Swiss blockchain consultant Verum Capital, Union Bank said it was now seeking to introduce blockchain "in its processes and supporting technology".

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