Union Bank AG to be the first fully regulated bank ever to issue its own security tokens, closely followed by a fiat-backed Union Bank payment coinLiechtenstein’s Union Bank AG announces a transformative Crypto Currency and Blockchain initiative: the fully licensed bank in Liechtenstein will be the first bank ever to issue its own security tokens, closely followed by a fiat-backed Union Bank payment coin.
Vaduz (Liechtenstein), 17 August 2018 – Liechtenstein’s Union Bank AG (www.unionbankag.com) today announced that it will be the world’s first fully licensed and regulated bank to issue its own security tokens in alignment with Liechtenstein’s regulatory authority FMA and, subsequently, its Union Bank Payment Coin. The Union Bank Payment Coin will be a stable coin that is fully backed by a fiat currency – e.g. the Swiss Franc.
Union Bank AG is a fully licensed and regulated bank based in Liechtenstein, a Principality located in the middle of Europe, bordered by Switzerland and Austria, and participating country in the European Economic Area. Union Bank AG is primarily offering corporate banking services to companies in Germany, Switzerland and Austria and the Middle East. Operating in the blockchain-friendly environment of Liechtenstein, Union Bank AG already supports ICOs and clients by partnering with crypto-brokers and crypto-advisors to facilitate efficient and transparent conversions between crypto and fiat currencies.
Being deeply immersed in the international trade of goods and services as well as the support of crypto and blockchain companies, Union Bank AG is in a unique position to develop and implement cutting-edge solutions that will greatly benefit its main customer segments.
Through the plans announced today, the bank will extend and improve its existing services and offerings. It will be taking the first steps to position itself as a full-service blockchain investment bank, eventually adopting the blockchain fully throughout its processes and supporting technology. Union Bank AG will be working with Verum Capital AG on this initiative, a leading blockchain boutique based out of Switzerland.
In the future, Union Bank AG will be a one-stop crypto and blockchain solution provider which embraces and integrates the new world of blockchain technology and crypto assets and the best practices of traditional banking.
Chairman of the Board of Directors M.H. Dastmaltchi said: “Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike. As a fully licensed and regulated bank we are in a privileged position to combine all the advantages of traditional banking with the possibilities inherent in the blockchain technology. As such, our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions. With our initiative we are investing in the future and becoming the world’s preeminent blockchain investment bank.”