Swiss bank UBS is working on virtual currency for mainstream banking

Swiss bank UBS in collaboration with London-based Clearmatics is working on a prototype virtual currency that will be used by banks and financial institutions as a basis to settle mainstream financial markets transactions.

The virtual coin would be used to power transactions on institutional financial platforms built on blockchain technology, similar to the distributed, peer-reviewed online ledger which currently powers bitcoin.

For example, UBS might have its own blockchain-based platform to issue bonds, and another bank might have a blockchain-based stock trading platform, but both would use the same utility coin for settlement.

Source: The Wall Street Journal

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