Liechtenstein Bank issues its own token

Union Bank AG from Liechtenstein has announced the release of its own cryptocurrency. This ambitious step will make it the world's first blockchain bank. They announced their intention in a press release on...

Union Bank AG from Liechtenstein has announced the release of its own cryptocurrency. This ambitious step will make it the world's first blockchain bank. They announced their intention in a press release on the bank's official website.

Security-tokens will be the first to be issued - the bank will pay dividends to their shareholders. Then the bank will issue stable coins, which will be tied to the national Swiss currency.

A representative of the company, Mohammad Hans Dastmalchi, stated that they hope to make their operations more efficient, reduce costs, and create new opportunities for clients by issuing their own cryptocurrency. And most importantly - to become the world's first blockchain bank.

The implementation of blockchain into the internal processes of Union Bank will be assisted by the Swiss-based blockchain company Verum Capital AG.

This news is very important for the whole market because Union Bank will be the first bank to issue its own cryptocurrency. Such collaborations of the blockchain sphere and classical institutions suggest the widespread acceptance of blockchain and cryptocurrency.