UBS Heads Up Group of Four Banks Creating New Digital Currency
UBS, Deutsche Bank, Santander and BNY Mellon come together to create an industry standard for clearing and settlement over blockchain.
Deutsche Bank, Santander and BNY Mellon, along with interdealer broker Icap, have partnered with UBS, according to the FT story, which says the firms are pitching the idea to central banks and hoping to launch by early 2018.
UBS initially began working on the idea in September 2015, according to a Reuters report. The Swiss bank created a utility settlement coin (USC) that is a digital currency backed by cash assets at a central bank, according to the report.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
The Waters Cooler: Big Tech, big fines, big tunes
Amazon stumbles on genAI, Google gets fined more money than ever, and Eliot weighs in on the best James Bond film debate.
AI set to overhaul market data landscape by 2029, new study finds
A new report by Burton-Taylor says the intersection of advanced AI and market data has big implications for analytics, delivery, licensing, and more.
New Bloomberg study finds demand for election-related alt data
In a survey conducted with Coalition Greenwich, the data giant revealed a strong desire among asset managers, economists and analysts for more alternative data from the burgeoning prediction markets.
How ‘Bond gadgets’ make tackling data easier for regulators and traders
The IMD Wrap: Everyone loves the hype around AI, especially financial firms. And now, even regulators are getting in on the act. But first... “The name’s Bond; J-AI-mes Bond”
Waters Cooler: AI tells it like it is… or does it?
A weekly round-up of stories from us and beyond. Plus, fun Scottish facts.
Google teams up with Linklaters on GenAI contract analysis project
While the large language model is unique to Linklaters and legal documents, Google believes financial services firms will also benefit from GenAI when it comes to contract analysis.
Man Group’s head of risk engineering doesn’t trust ChatGPT for managing risk
Risk managers have a duty to know how AI is being used within their firms. At a recent event, execs from Man Group and others discussed the benefits and pitfalls of AI in risk management.
Banks seemingly build more than buy, but why?
Waters Wrap: A new report states that banks are increasingly enticed by the idea of building systems in-house, versus being locked into a long-term vendor contract. Anthony explores the reason for this shift.
