UBS Develops 'Settlement Coin,' Bringing Block Chain To Financial Markets

UBS Develops 'Settlement Coin,' Bringing Block Chain To Financial Markets

UBS is working on a block chain based "settlement coin" that financial institutions will use, according to The Wall Street Journal. Unlike bitcoin, the UBS "utility settlement coin" would link to real-world currencies and central bank accounts. Oliver Bussmann. Oliver Bussmann, CIO of Switzerland-based UBS, said the coin will help establish the block chain in global finance. The currency, being developed with Clearmatics, a London-based firm that makes clearing machines for OTC markets, could reduce transaction settlement times. The coin could reduce settlement time from two or three days....


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Quotes

The Federal Reserve system hates it! They would love to kill it. They’re attacking it any way they can, but they will fail. This is what we’ve been waiting for! This is the Cyber Christ moment. This is when the activists that having been pushing against the Fed are gonna win with Bitcoin.

Max Keiser, Investor and Journalist