A bank in Liechtenstein that offers corporate banking services mainly to companies based in Germany, Switzerland, Austria and the Middle East, has announced that it will be launching its own security tokens in alignment with Liechtenstein’s regulatory authority, FMA, and subsequently its cryptocurrency, “Union Bank payment coin,” which is fully backed by a fiat currency – the Swiss franc.
The virtual currency would reportedly be a competitor to other similar solutions like Stellar Lumens (XLM) and Ripple (XRP). Union Bank AG says it’s operating in a blockchain-friendly environment and that it has already been supporting initial coin offerings (ICOs) and clients to facilitate efficient and transparent conversions between crypto and fiat currencies.
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,” M.H. Dastmaltchi, Chairman of the board of directors of the bank said in a statement. “Our fiat-backed Union Bank payment coin has the potential to disrupt the approach to international trade and international cross-border transactions,” he added.