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Switzerland's largest bank invests $ 20 million in blockchain

Switzerland’s largest bank invests $ 20 million in blockchain
CONTENT

  • Swiss giant intends to strengthen its presence in the fintech market

  • Earlier, the bank announced the benefits of using digital currencies and blockchain to create a “smart city”

  • It remains unknown which blockchain projects UBS can invest in.

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Swiss financial holding UBS Group AG plans to create an investment fund with a capital of $ 200 million for fintech startups, including blockchain

One of the largest Swiss banks UBS intends to invest $ 200 million in the development of the fintech industry, including blockchain technology.

Switzerland's largest bank invests $ 20 million in blockchain

The financial institution reported this on its official website..

Switzerland's largest bank invests $ 20 million in blockchain

Despite the fact that the bank does not officially disclose the approximate distribution of investments in the fintech sectors, Bloomberg writes that the UBS venture fund will invest from $ 5 million to $ 20 million in blockchain technology or artificial intelligence (AI).

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In particular, Sabine Keller-Busse, Director of Operations and President of UBS Europe, Middle East and Africa, says the bank will continue to invest in financial initiatives to maintain its leadership position:

“Connecting with tech and fintech startups through our innovation labs … has always been the key to staying at the forefront of the digital movement to improve customer experience and deliver a better experience.”.

The Venture Fund will in practice focus on the following areas:

  • Joint development of digital innovation and ecosystem through partnerships;
  • Modernization and modular construction of technical complexes using new technologies such as public cloud, microservices architecture and AI;
  • Finding new and effective ways to interact to drive the growth of UBS with cutting edge technologies and solutions.

It remains unknown which blockchain projects the bank can invest in.

With the trend

The Swiss UBS previously reported that the introduction of China’s digital currency would be preferable for existing internet companies such as Alibaba, Tencent, and retail banks..

Switzerland's largest bank invests $ 20 million in blockchain

According to the financial holding, blockchain and digital currencies will actively promote the popularization of smart city technologies.

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Also, the Swiss giant believes that the launch of the Chinese digital currency will lead to the fact that existing payment systems like PayPal and Visa will be forced to expand the functionality for digital payments in order to remain competitive..

If in the case of Visa, the head of the payment giant Alfred Kelly publicly called cryptocurrencies a useful addition to the traditional payment system, then PayPal went further and officially announced the adoption of cryptocurrencies on its digital platform. In addition to introducing cryptocurrencies, the payment giant is also, according to media reports, exploring the possibility of acquiring a cryptocurrency custodian BitGo.

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