Swiss banking giant UBS and a group of major banks plan to launch a live application later this month using the ethereum blockchain.
In a patent application released by the USPTO, money manager UBS indicated it was considering using smart contracts to validate transactions.
UBS chief investment officer Mark Haefele says the world's largest money manager will not include bitcoin investments.
UBS chief global economist Paul Donovan has compared bitcoin to the Netherland's 1600s tulip crisis, but noted he was a fan of blockchain technology.
The CEO is the latest to raise doubts about cryptocurrency, which also banking on blockchain to make his business simpler and easier.
A new report from UBS says that firms and early adopters should be considered by investors hoping to ride the "blockchain wave"
UBS chairman Axel Weber offered a strong rebuke of cryptocurrencies during an event in Zürich earlier today.
Four major banks have joined a trade finance initiative launched late last year by Switzerland-based UBS and tech giant IBM.
IBM is joining a consortium effort that seeks to conceive how blockchain payments could help power autonomous vehicles.
Utility Settlement Coin is moving into its third phase – building a kind of blockchain-based fiat testnet – with six new partners.