Liechtenstein bank combines traditional and new banking practices with blockchain technology

A Liechtenstein Bank by the name of Union Bank AG has announced that it will be inaugurating its security tokens in alliance with the Liechtenstein control and monitoring authority. This announcement will pave the way to the Bank’s launch of its digital currency. The bank’s cryptocurrency or the “Union Bank Payment coin” has full assistance of the sanctioned Swiss franc.

The Union Bank has a history of offering commercial banking facilities to the established companies in the Middle East, Austria, Germany, and Switzerland.

The digital currency that is inaugurated by the Union bank will have a competitive edge over other parallel explanations such as Stellar Lumens ( XLM) and Ripple (XRP).

Union Bank also asserts that it is already functioning in a welcoming and an open blockchain environment and has experience in carrying out transactions through Initial Coin Offerings. Thus, by supporting the ICO, the bank has provided an interactive platform to its clients where they can practice useful and clear exchanges between digital currency and the sanctioned ones.

The bank’s new goal

The chairman of the board of directors of Union Bank sheds light on the new goal of the bank. He proclaims that they aim to become the world’s leading blockchain investment bank that would assist in:

  • Increasing productivity
  • decreasing the cost base
  • Opening doors to more possibilities of returns for the bank’s clients and intercessors.

    The chairman further asserts that their sanctioned and regulated payment method can challenge and interrupt the tactic of international trade and global cross-border dealings.

    The bank’s strategies

    To give the bank’s mission statement a strong position and completion, the Union Bank has made some well-planned strategies. They are joining hands with a Switzerland based company, Verum capital AG. This company will be providing the bank with the required skills that are essential for following initial coin offering facilities.

    The joint venture

    The bank made its mission statement official few days after the Liechtenstein-based interchange company, CryptoAssets collaborated with Binance which is the world’s leading commercial exchange center regarding size. The partnership of the two exchanges leads the bank to launch a sanctioned crypto exchange platform in Liechtenstein.

    The collaboration was received warmly by the Liechtenstein prime minister. He is confident of that fact that the present and upcoming legal agenda of Liechtenstein will offer a strong base to Binance LCX and other companies that have adopted blockchain technology so that they can facilitate outstanding services in Liechtenstein as well.

    The union Bank AG proudly asserts that it is now a fully registered and a synchronized bank. The bank’s honored standing among other financial intuitions allows it to combine the customary banking practices with the new opportunities in banking provided through blockchain technology.