A Closer Look at the UBS Settlement Coin vs. Bitcoin

A Closer Look at the UBS Settlement Coin vs. Bitcoin

Earlier this month, UBS announced that it is in the process of creating a "settlement coin" that can be used for financial transactions. Is this yet another form of altcoin and will it rival bitcoin? The bank plans on using blockchain technology to create this settlement coin but has clarified that it will not function as a store of value, unlike most cryptocurrencies. Instead, its application could focus more on storing data regarding trade settlement between financial institutions, banks, and clients. Settlement Coin Applications. A number of other established firms have been looking....


Related News

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....

'Settlement Coin' is All About Banks, Not Blockchain

Why would anyone want to use a coin issued by four large banks bailed out in 2008? That's a question that many are asking after UBS, Deutsche Bank, Santander, BNY Mellon and ICAP announced last week that they had teamed up with blockchain developer Clearmatics to create a new digital currency. In a joint press release, the new consortium said that the "Utility Settlement Coin" would be used to clear and settle financial market trades on a blockchain. But while it would be easy to see this as an alternative means of settlement using a private currency owned, issued and backstopped....

UBS' Blockchain-Based 'Digital Coin' Gains Funds Raised by Partner Clearmatics

The utility settlement coin developed by Switzerland-based UBS in partnership with Clearmatics Technologies has gained its first round of funding thanks to UK-based Clearmatics. The initiative to link real-world fiat currencies with central bank accounts through a 'settlement coin' gained traction after Clearmatics completed its first round of funding. The blockchain-based settlement coin, dubbed 'digital coin' is seen as a means to help establish the block chain in global finance and change the global payment system. As reported by Bloomberg, investors include Nyca Partners, Route 66....

Big Banks Band Together to Launch 'Settlement Coin'

Four banks have reportedly partnered on a blockchain project aimed at creating a means to clear and settle transactions worldwide. BNY Mellon, Deutsche Bank, Santander and UBS – the latter of which first disclosed its work on a so-called "settlement coin" last year – are hoping to launch a commercial-grade blockchain system by 2018, according to The Financial Times. The banks are working with blockchain startup Clearmatics, based in London. A formal announcement will reportedly be made tomorrow, FT's Martin Arnold reports. He explained in the article: "The utility settlement....

UBS Creating "Settlement Coin" Using Blockchain Tech

UBS has been conducting research on blockchain tech for quite some time and just recently shared more details on its developments. One of these is the so-called "settlement coin" which can be used by financial institutions for transaction clearing. Prior to this, online retail giant Overstock has already ventured into using blockchain tech for "cryptosecurities" and trade clearing. Along with UBS, the company recognized the potential applications of the distributed public ledger in reducing transactions costs and speeding up the verification process. Blockchain Tech in Finance. Blockchain....