Liechtenstein’s Union Bank AG Becomes First Licensed Bank to Issue Its Own Stable Coin
by Fintechnews Switzerland August 24, 2018Liechtenstein’s Union Bank AG announced that it will be the world’s first fully licensed and regulated bank to issue its own security tokens – Union Bank Payment Coin.
According to them its Union Bank Payment Coin, is the first that is in alignment with Liechtenstein’s regulatory authority FMA. The Union Bank Payment Coin will be a stable coin that is fully backed by a fiat currencies like the Swiss Francs.
Operating in the blockchain-friendly environment of Liechtenstein, Union Bank AG already supports ICOs and clients by partnering with crypto-brokers and crypto-advisors to facilitate efficient and transparent conversions between crypto and fiat currencies.
Through the plans announced today, the bank will extend and improve its existing services and offerings. It will be taking the first steps to position itself as a full-service blockchain investment bank, eventually adopting the blockchain fully throughout its processes and supporting technology.
Union Bank AG will be working with Verum Capital AG on this initiative, a leading blockchain boutique based out of Switzerland.
Commenting on the move, M.H. Dastmaltchi, Chairman, Union Bank AG said their goal is to become the world’s first blockchain investment bank.
MH Dastmaltchi
Commenting on the move, M.H. Dastmaltchi, Chairman, Union Bank AG said their goal is to become the world’s first blockchain investment bank. In line with that, their aim is also to be a one-stop crypto and blockchain solution provider.
Featured image via ShutterStock
