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.
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