Liechtenstein's Union Bank AG has expressed intentions to launch its own security token and fiat-backed digital coin.
According to the press release of August 17, the company has become more focused on the blockchain technologies in 2018. Specifically, they announced the launch of Union Bank Payment Coin, which is a one step closer to the status of blockchain investment bank.
As a result, Union Bank may become the first certified regulated bank that will have its own security token, which complies with the country's regulation.
“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,” chairman of the board of directors commented.
The bank stated that the new token will be backed by fiats like Swiss franc. It is worth mentioning that Union Bank AG made such move just after Binance and Liechtenstein Cryptoassets Exchange (LCX) announced the launch of fiat-to-crypto trading platform dealing with franc and euro.
"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," stated Union Bank spokesperson.