KCN UBS GROUP AG WILL CREATE ITS OWN CRYPTOCURRENCY FOR CROSS-BORDER PAYMENT SETTLEMENTS

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KCN UBS GROUP AG WILL CREATE ITS OWN CRYPTOCURRENCY FOR CROSS-BORDER PAYMENT SETTLEMENTS

The Swiss multinational investment company and financial services company will create its own e-currency. This was told portal ambcrypto. “UBS Group AG, a Swiss multi-national investment bank and financial services company, will be using its own digital currency for cross-border payment settlements. A report published by MarketWatch stated that a total of fourteen firms have developed a coin named, Utility Settlement Coin [USC], and among those firms includes leading banks of the United States, Europe, and Japan. The digital currency would be backed by “bank-owned currency held at the central bank.” The project includes prominent industry players such as Barclays, Nasdaq, Bank of New York Mellon Corp., Canadian Imperial Bank of Commerce, Banco Santander, Lloyds Banking Group, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp., Credit Suisse Group AG, ING Groep NV, State Street Bank & Trust Co., Commerzbank AG, and KBC Group NV.” This is stated in the article. The news release partner STEX.com.

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