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Union Bank AG, a Liechtenstein bank offering corporate banking services primarily to companies based in Germany, Switzerland, Austria and the Middle East, has announced that it will launch its security tokens in line with the Liechtenstein regulation, FMA, and subsequently its cryptocurrency, "Union Bank payment currency", which is fully supported by a fiat currency – the Swiss franc
Read also: Round-Up Regulation: Malta Clarifies the law, managers assets in the UK call for FCA action
The encryption supported by Fiat to stop international transactions
Virtual currency would probably be competitive with other similar solutions such as Stellar Lumens ( XLM) and Ripple (XRP). Union Bank AG states that it is operating in a blockchain-friendly environment and already supports the first coin offerings (ICOs) and customers to facilitate efficient and transparent conversions between cryptic and fiat currencies
"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 clients and intermediaries ", MH Dastmaltchi, president of the bank's board of directors, stated in a statement. "Our payment currency of the Bank of the Union supported by law 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 work with Verum Capital AG, a company in Switzerland that provides expertise that mainly covers post-ICO services, in order to achieve its goals. This announcement comes just days after Cryptoassets, the Liechtenstein-based stock exchange, collaborated with Binance the world's largest trade volume exchange, to launch a fiat-to-crypt exchange in Liechtenstein.
Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: "We are confident that the current and future legal framework and practices of Liechtenstein provide a solid foundation for Binance's 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, which should support blockchain companies and implement a complete legal framework for the crypto sector.
There are other aspiring full service blockchain banks, one of which provides such services is Palladium in Malta. Union Bank AG added in its statement that, being 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 blockchain technology.
What do you think of this bank in Liechtenstein issuing its cryptocurrency? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Adrian Hasler (Facebook) .
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