Blockchain for Banking News

UBS Chair says blockchain unstoppable but dodged a bullet with crypto

ubs kelleher

During the World Economic Forum event in Davos, UBS Chairman Colm Kelleher spoke about cryptocurrencies and blockchain. He is very optimistic about blockchain but is looking for regulation around crypto.

“The technology’s unstoppable,” said Kelleher. “Blockchain technology will reduce huge operational friction, reduce costs and, harnessed properly, will be a very good value additive to the chain.”

While Kelleher only joined the UBS board in 2022, the bank has one of the longest histories in blockchain technology. It initiated the Utility Settlement Coin, a settlement token backed by central bank reserves. That morphed into Fnality, now owned by 17 institutions and recognized as a systemically important payment system in the UK. It plans to launch this year.

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Image Copyright: WEF