Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc

Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc
ôîòî ïîêàçàíî ñ : news.bitcoin.com

2018-8-24 00:45

Union Bank AG, a bank in Liechtenstein that offers corporate banking services mainly to companies based in Germany, Switzerland, Austria and the Middle East, has announced that it will be launching its own security tokens in alignment with Liechtenstein’s regulatory authority, FMA, and subsequently its cryptocurrency, “Union Bank payment coin,” which is fully backed by a fiat currency – the Swiss franc.

Also read: Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA Action

Fiat-Backed Crypto to Disrupt International Transactions

The virtual currency would reportedly be a competitor to other similar solutions like Stellar Lumens (XLM) and Ripple (XRP). Union Bank AG says it’s operating in a blockchain-friendly environment and that it has already been supporting initial coin offerings (ICOs) and clients to facilitate efficient and transparent conversions between crypto and fiat currencies.

“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,” M.H. Dastmaltchi, Chairman of the board of directors of the bank said in a statement. “Our fiat-backed Union Bank payment coin has the potential to disrupt the approach to international trade and international cross-border transactions,” he added.

Combining Traditional Banking and Financial Technology

Union Bank says it will be collaborating with Verum Capital AG, a company in Switzerland providing expertise covering mainly post-ICO services, in order to achieve its goals. This announcement comes a few days after Cryptoassets, the Liechtenstein-based exchange, partnered with Binance, the world’s largest exchange by trade volume, to launch a fiat-to-crypto exchange in Liechtenstein. 

Adrian Hasler

Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” The alpine principality is currently working on its Blockchain Act, since March 2018, that is expected to support blockchain companies and implement a comprehensive legal framework for the crypto sector.

There are other aspiring full service blockchain banks, one of them providing such services is Palladium in Malta. Union Bank AG added in its statement that as a fully licensed and regulated bank, it is in a privileged position to combine all the advantages of traditional banking with the possibilities inherent in the blockchain technology.

What do you think about this bank in Liechtenstein issuing its own cryptocurrency? Share your thoughts in the comments section below.

Images courtesy of Shutterstock, Adrian Hasler (Facebook).

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.01 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0125342 (-100%)

bank liechtenstein backed own cryptocurrency franc swiss

bank liechtenstein → Ðåçóëüòàòîâ: 8


Liechtenstein’s Union Bank AG to Launch World’s First Security Token Backed by a Regulated Bank

A new security token is currently under development which, upon launch, will be the world’s first cryptocurrency backed by a fully regulated bank. Liechenstein’s Union Bank AG released a new statement announcing “a transformative Crypto Currency and Blockchain initiative: the fully licensed bank in Liechtenstein will be the first bank ever to issue its own… The post Liechtenstein’s Union Bank AG to Launch World’s First Security Token Backed by a Regulated Bank appeared first on UNHASHED.

2018-8-23 22:20