UBS to Research Blockchain Technology in London Lab

Swiss investment bank UBS will open a London-based research lab to explore the application of blockchain technology in the fintech industry.

AccessTimeIconApr 2, 2015 at 2:28 p.m. UTC
Updated Sep 11, 2021 at 11:37 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Swiss investment bank UBS is set to open a London-based research lab to explore the application of blockchain technology in the financial services industry.

The innovation lab, due to open later this month, will be housed at FinTech accelerator Level39 in Canary Wharf – one of London's major business districts.

A group of financial technologists will lead the initiative, which attempts to bring together experts from both the banking and FinTech sectors to examine how traditional banking can drive business growth through innovation.

Oliver Bussmann, group CIO at UBS, said in a statement:

"Our innovation lab at Level39 will provide a unique platform to explore emerging technologies such as Blockchain and crypto-currencies, and to understand the potential impact for the industry."

"We are moving away from a purely in-house innovation strategy, optimising collaboration opportunities with the growing FinTech business, start-up and investor community in an open and transparent way," he continued.

The news comes after the Swiss banking giant published an extensive report in March last year outlining the widespread benefits bitcoin's technology could offer if it was co-opted by the traditional banking system.

Britain and FinTech

, credited with being Europe's largest technology accelerator for the financial and cyber industries, noted the "far-reaching" potential of blockchain technologies on its website:

"[They] have the potential to enable participants to share financial transactions on a common public ledger and therefore enhance transparency and trust while significantly reducing transaction and processing cost."

The accelerator attracted media attention in August last year when George Osborne, the Chancellor of the Exchequer, withdrew £20 worth of bitcoin from an Robocoin ATM at its London's office during the Innovate Finance conference.

— Innovate Finance (@InnFin) August 6, 2014

Guest speaking at the event, Osborne outlined ambitions for the UK to become the centre of FinTech, including the UK Treasury's programme of work to assess the benefits and risks of digital currencies.

He said: "My message today is simple: we [Britain] stand at the dawn of new era of banking. Now let's get on with it."

Following 120 responses to its Call for Information, the UK Treasury unveiled plans to regulate the digital currency industry earlier this month, in conjunction with Osbourne's annual budget speech.

 Image via Shutterstock.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.