Union Bank AG To Launch Its Own Security Tokens

A new security token is presently under expansion which, upon launch, will be the world’s first cryptocurrency backed by a fully controlled bank. Liechenstein’s Union Bank AG released a new statement announcing that the fully licensed bank in Liechtenstein will be the major bank ever to issue its own security tokens, systematically followed by a fiat-backed Union Bank payment coin.

The Union Bank Payment Coin is a stable coin that is fully backed by the Swiss Franc. The new security token is reported to be an arrangement with the Federal Market Authority of Liechenstein–Union Bank’s regulatory authority.

Union Bank security token is taking the first steps to position itself as a full-service blockchain investment bank. The bank plans to finally fully adopt blockchain through its procedures and supporting technology. The new blockchain inventiveness is being done in partnership with Swiss blockchain company Verum Capital AG.

According to the Chairman of the Board of Directors M.H. Dastmaltchi the goal of the company is to become the world’s first blockchain investment bank and to provide perceptible solutions which aids drive competences, decrease cost base and open up new income prospects for customers and mediators alike.

Union Bank new established security tokens is a fully certified and regulated bank based in the European Territory Liechtenstein, bordered by Austria and Switzerland. Union Bank AG chiefly offers special offers and company banking services to corporations in Switzerland, Germany, and Austria as well as in the Middle East.

Liechtenstein has served as a secured place for blockchain companies, and Union Bank AG reports to already be examining a number of ICO clients. Union Bank AG facilitates efficient and transparent conversions between crypto and fiat currencies. Union Bank AG is in a unique position to develop and implement cutting-edge solutions that will greatly benefit its main customer segments, reads the News Bitcoin.

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