UBS has become the latest major bank to see a significant departure from its blockchain innovation team.
Innovation lab lead and 'crypto 2.0' researcher Alex Batlin will depart the firm in October, Financial News reports. The article cites an internal memo from the bank's head of innovation dated August 17.
During his tenure at the bank, Batlin served as a mentor to FinTech startups at Level39, an R&D lab set up by UBS that served as a key vehicle for it to explore distributed ledgers and cryptocurrencies. Batlin also headed the firm's analysis of the impact of these technologies on the bank's business model.
According to the report, the memo asserts that UBS does not intend to shift its blockchain strategy, and that the move isn’t part of any cutbacks on innovation in this area at the bank.
The memo reads:
Read our latest feature interview with Batlin here.
Image via UBS
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.