New Cryptocurrency Backed by the Swiss Franc

Another cryptocurrency which will be backed by fiat money. New Stablecoin supported by swiss franc.

Cryptocurrency Backed by the Swiss Franc

Union Bank AG, a bank from Liechtenstein offering services to companies, with branches in Germany, Switzerland, Austria and the Middle East, announced that it would launch its own security tokens. They will be approved by the Liechtenstein state regulator, FMA. The cryptocurrency Union Bank will be fully backeded by the Swiss franc.

The new digital currency is going to be a competition for such projects as Stellar Lumens (XLM) and Ripple (XRP). Union Bank AG claims that, they are working on blockchain-friendly environment. So far, they have supported numerous ICO projects and clients, facilitating effective exchange between cryptocurrencies and fiat currencies.

The combination of traditional banking and technology

Union Bank revealed that it will cooperate with Verum Capital AG, a Swiss company that creates solutions for ICOs. Information appeared a few days after the announcement of Cryptoassets - an exchange which will be created in Liechtenstein, in cooperation with Binance, the world's largest cryptocurrency market in terms of volume.

The Principality of Liechtenstein from March 2018, is working on the Blockchain Act, which will support companies related to blockchain technology and is designed to implement an understandable legal framework for the cryptocurrency sector.

Other banks also see their opportunities in Blockchain technology. Among them is the Palladium bank in Malta. Union Bank AG also added that, they will be working on combining all the advantages of traditional banking with the possibilities related to blockchain technology.