Union Bank AG from Liechtenstein will issue its own cryptocurrency and become the world's first blockchain-bank. This has been announced in a statement on its website. At first, the investment bank will issue tokens that give investors the right to receive dividends. After that, the credit institution will open the sale of stablecoins called Union Bank Payment Coin, the value of which will be tied to the Swiss franc.
“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,”- the chairman of the board M.H. Dastmaltchi commented on the novelty.
The Swiss company Verum Capital AG will help Union Bank AG to move the entire banking process to the blockchain.
WHY IS IT IMPORTANT?
- Union Bank AG will be the first bank in the world to issue its own cryptocurrency. It is already supporting ICOs and clients.
- The authorities of Liechtenstein are actively welcoming developments in the field of blockchain and cryptocurrency. In mid-August, it became known that the Binance and LCX exchanges will launch a joint trading platform in this country.