UBS teams up with other major banks in blockchain venture

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UBS announces the next stage in blockchain technology development

UBS and a group of other major financial institutions are to keep an "active dialogue" with central banks and regulators as they begin testing the concept of a "utility settlement coin" (USC) backed by blockchain technology, the Swiss bank announced today (August 24).

In a statement, UBS said it was teaming up with BNY Mellon, Deutsche Bank, Santander, brokerage Icap and software company Clearmatics to test its "digital cash model", which it hopes will improve the efficiency of clearing, settlem