Sergio Ermotti, CEO of the large Swiss financial holding UBS, in the interview for CNBC said that cryptocurrencies still needed to be clearly defined. However, he believes that blockchain has a bright future.
“I think that blockchain will play a vital role in transforming the financial services. The technology will fundamentally change and reshape the whole industry,” Sergio Ermotti shared his opinion.
Besides, he said that UBS partnered with IBM to develop a blockchain based platform intended for international trading. Its working title is Batavia.
“We adhere to a simple plan: to begin work and attract as many financial institutions and organizations for collaboration as possible,” Ermotti said.
Meanwhile, Bank of Montreal, CaixaBank, Erste Group, and Commerzbank have joined the initiative.
Subscribe to news