The Liechtenstein bank Union Bank AG has announced the issuance of its own security token and internal cryptocurrency supported by Fiat in a press release on Friday 17 August.
Union Bank, which has increasingly focused on this year's blockchain, declared its so-called "Union Bank Payment Coin (UBPC)" was a further step towards creating a "full-service blockchain investment" bank ".
UBPC will act as a stable currency, the institution explained, and will have legal currencies "like the Swiss franc" as support.
"Our goal is to become the world's first blockchain investment bank and provide tangible solutions that help promote efficiency, reduce costs and open new revenue opportunities for our customers and intermediaries." board of directors Mohammad Hans Dastmaltchi commented in the statement.
"… As such, our bank payment currency of the Union supported by law has the potential to disrupt the international approach to international trade and cross-border international transactions."  The news came the same week that the main exchange of cryptocurrencies Binance launched a fiat-to-cryptocurrency exchange in the tiny European principality that supplied both Swiss francs and euros.
Both Binance and Union Bank praised the pro-blockchain position of the jurisdiction, indicating the desire to see functionality increase over time.
In collaboration with Verum Capital, a Swiss blockchain consulting firm, Union Bank said it intends to introduce blockchain "through its processes and supporting technology."