Four Big Banks Are about to Launch a Blockchain Token Digital Currency
Four banks are teaming up to bring a blockchain inspired clearance and settlement system for worldwide transactions. BNY Mellon, Deutsche Bank, Santander and UBS believe they can launch a commercial blockchain by 2018. The banks work with a blockchain startup called Clearmatics. The Financial Times‘ Martin Arnold reports: “The utility settlement coin, based on a solution developed by Clearmatics Technologies, aims to let financial institutions pay for securities, such as bonds and equities, without waiting for traditional money transfers to be completed. Instead, they would use digital....
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Considering how the Bank of Tokyo is part of the Mitsubishi UFJ Financial Group. the name of their new digital currency will be MUFG Coin. The Bitcoin protocol and its underlying blockchain technology have thrown traditional finance a curveball they never expected. Digital currency allows for global financial services, regardless of existing infrastructure provided by banks or governments. It was only a matter of time until banks decided to look into this technology more, and eventually, issue their own digital currency. The Bank of Tokyo – Mitsubishi UFJ is looking to issue their version....
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