European Union Bank will release its own cryptocurrency

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Union Bank AG in Liechtenstein is planning to release a digital currency whose value is pegged to the Swiss franc. According to representatives of Bank, it is the first such case in history.

Union Bank AG is the first licensed financial institution in the world that will launch their own cryptocurrency. First, the management of the Bank is going to distribute the tokens — securities (security tokens), which allow investors to receive dividends, and then to release banking crypto-currency whose rate is tied to the price of the Swiss franc (CHF).

“Our goal is to become the world’s first blockchain-Bank and to develop unique solutions to increase efficiency, reduce costs and create new business opportunities for our customers and partners,” said the Chairman of the Board of Directors of the Union Bank AG Mohammad Hans Dastmalchi.

It is reported that the Bank will work with the blockchain startup from Switzerland Verum Capital AG, which will help migrate all banking processes on a distributed registry. The companies intend to fully integrate the capabilities of the blockchain and cryptocurrency with traditional banking services.

It is noteworthy that last week the largest cryptocurrency exchange in conjunction with Binance based in Liechtenstein exchange of digital assets (LCX) announced the launch of the platform Binacne LCX for trading digital currencies paired with the Fiat currencies like the Swiss franc and the Euro.

We will remind, since March, 2018, Bank Liechtenstein, Frick began to provide its customers with the ability to buy bitcoins, esters, litecoin, ripple and bitcoin is cash, and also promised to protect their crypto-currency savings from cyber attacks with the help of cold storage.

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