Published on September 4th, 2015 | by bitcoin0
Banks’ Blockchain’ will be built by UBS
In April, Bitcoin Magazine reported that UBS was planning to investigate blockchain technology in a new innovation lab based in London.
In August, the bank launched a “Future of Finance Challenge” for financial technology entrepreneurs and startups.
UBS is working on a prototype virtual currency that it hopes will be used by banks and financial institutions as a basis to settle mainstream financial markets transactions, The Wall Street Journal reports.
Hyder Jaffrey, the bank’s e-commerce commercial director, said UBS had already reached out to potential partners, but would not comment on specific institutions.
In particular, former Bitcoin Foundation director Jon Matonis is persuaded that private, permissioned blockchains might fall short of their objectives.