Union Bank AG, known for its dedication to blockchain, in a bid to become a “full-service blockchain investment bank” has announced the issuance of its own security token and cryptocurrency, backed by fiat.
The Union Bank Payment Coin (UBPC) - a stablecoin - will be backed by fiat currencies like the Swiss franc. According to the chairman of the board of directors, the goal is to ‘provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike.”
This news followed an announcement from major crypto exchange Binance, which has launched a fiat-to-cryptocurrency exchange based in Liechtenstein. The country is known for its pro-blockchain jurisdiction.