The bank located in Liechtenstein is about to launch the “Union Bank payment coin”. The latter in line with the local financial regulators will create in the coming months a stable corner backed by the motto of its border country: the Swiss Confederation.
Union Bank Aktiengesellschaft (AG)
Union Bank AG is a Liechtenstein-based bank based in the country’s capital, Vaduz. Small town of a few thousand inhabitants, it is here that is housed the 14th largest bank in terms of assets of the principality. With just fifteen employees, the financial institution has seen its assets grow at a fast pace for a few years now: more than 46.59% in 2015, and more than 58% in 2017. Would it be these famous and exceptional results that would have pushed the bank to further entertain its business model and turn to Fintech? Perhaps, perhaps, not because the latter regularly records losses in recent years (≅23% in 2015 and ≅26% in 2017). Regarding the world of FinTech however, the bank itself states on its website that it is fervent.
“We see Fintech as a key element. It allows us to deliver our services with greater convenience, lower costs and new innovative solutions. “
As a result, after receiving approval from the local financial market authority, the Finanzmarktaufsicht (FMA), Union Bank AG aims to overshadow its direct competitors such as Stellar Lumens (XLM). ) and Ripple (XRP). Regarding the fundraising 2.0, that is to say the ICOs, the bank is not left behind. Indeed, it already accepts them as well as some cryptos brokers and cryptos advisers. The Chairman of the Bank’s Board, Mohammad Hans Dastmaltchi (already entrepreneur at 17) says:
“Our goal is to become the world’s first Blockchain investment bank and deliver tangible solutions to increase efficiencies, reduce costs and create new revenue opportunities for our customers and intermediaries.”
Under the Blockchain Banking tab of the bank, you can read:
“The union bank corner, backed by the fiat currency, could well disrupt the approach of international trade and cross-border operations.”
Blockchain & Liechtenstein
Together with Verum Capital AG, a Blockchain consulting company with headquarters at Zurich’s Bahnhofstrasse, Union Bank AG is keen to enter the cryptos market. Liechtenstein’s Prime Minister Adrian Hasler spoke enthusiastically about the project:
“We are convinced that Liechtenstein’s current and future legal framework and practices provide a solid foundation for Binance LCX and other Blockchain companies to offer outstanding services to the country.”
Earlier this month, one of the largest daily cryptocurrency trading platforms, Binance, announced the partnership with the Liechtenstein Cryptoassets Exchange (LCX). This second half of 2018, will it be that of Liechtenstein in the crypto universe?