The bank, which has concentrated increasingly on blockchain in 2018, said issuing its so-called “Union Bank Payment Coin (UBPC)” was a further step towards becoming a “full-service blockchain investment bank”, according to Coin Telegraph.
UBPC will act as a stable coin, the institution explained, and will have fiat currencies “such as the Swiss Franc” as its backing. The news coincides with the launch of a fiat-to-cryptocurrency exchange by Binance in the small European principality catering to both Swiss Francs and Euros.
Both Binance and Union Bank praised the jurisdiction’s pro-blockchain stance, indicating a desire to see functionality increase in time.
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