Union Bank AG Liechtenstein will be the first fully regulated bank in the world to issue its own bank security token.
The same bank announced this a few days ago, confirming that it would issue both a security token and digital currency for payments.
Thanks to blockchain technology, anyone can issue their own tokens, including states (as Venezuela did with Petro) and traditional banks.
In this case, it will be the first traditional bank in the world, regularly authorized to operate as a bank by public authorities, to issue its own bank security token, a type of token that is not currently accepted on any exchange in the world.
In addition, the Union Bank’s currency of payment will be a stable coin fully supported by the Swiss franc.
Union Bank operates in the international trade of goods and services with the support of crypto companies and blockchains, so it is in a privileged position to develop and implement cutting-edge solutions such as this one.
The aim is to position itself as an investment bank in blockchain solutions.
In the future, the bank aims to become a comprehensive provider of encryption and blockchain solutions that understands and integrates the new world of distributed technology and cryptographic resources into the traditional banking industry.
Union Bank will work with Verum Capital AG, a Swiss company that is already active and experienced in the blockchain sector.
The bank currently provides mainly corporate banking services to companies operating in Germany, Switzerland, Austria and the Middle East, operating in the blockchain-friendly environment of Liechtenstein: it already supports ICOs and collaborates with crypto-brokers to facilitate efficient and transparent conversions between cryptocurrencies and fiat.
The Chairman of the Board of Directors MH Dastmaltchi has stated:
“Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike. 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. As such, our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions. With our initiative we are investing in the future and becoming the world’s preeminent blockchain investment bank“.
