Six large banks join UBS digital currency project

blockchain concept

Swiss commercial bank UBS has announced it has teamed up with six other commercial banks for the next phase of its digital currency project.

Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street have now pledged their commitment to the project, which is set to launch in 2018 after phase three is complete. The utility settlement coin (USC) project, dubbed a “pioneering form of digital cash” by UBS, began in 2015 with a partnership with Clearmatics Technologies.

During phase two of the

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