Researchers at a UK innovation lab operated by Swiss banking giant UBS are developing a blockchain implementation for settling transactions.
UBS is reportedly also working with BNY Mellon on other blockchain-related initiatives. BNY Mellon disclosed earlier this year that it had been developing an internal rewards system using an in-house cryptocurrency.
UBS innovation lab chief Alex Batlin told CoinDesk last month that the lab is currently involved in a variety of blockchain-related projects, noting at the time:
The bank's interest in the technology dates back to last year, when in an extensive report on bitcoin, UBS suggested that blockchain applications" could reduce systemic costs, and provide faster, [more] secure, transfers – particularly in the international arena".
The report further revealed UBS has an interest in blockchains that extends beyond bitcoin, as it is experimenting with smart bond applications using a private fork of Ethereum.
— Anna Irrera (@annairrera) September 2, 2015
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.