Swiss Bank UBS Praises Blockchain Technology, Partners With IBM

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Sergio Ermotti, CEO of Swiss lender UBS, praised blockchain technology, stating that the company has partnered with IBM to start international trade transactions using blockchain.

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Sergio Ermotti
Sergio Ermotti

“I believe there is a future for blockchain technology, and [that] technology will play a big role in changing and reshaping our industry,” said Ermotti.

Regarding cryptocurrencies, Ermotti articulated uncertainty, asserting that they still need “to be defined.”

RELATED: IBM Partners With Stellar to Power the Future of Cross-Border Payments

UBS and IBM have begun a new project titled “Batavia” which utilizes the open-souce Hyperledger Fabric structure.

IBM declared earlier this month that Bank of Montreal, CaixaBank, Commerzbank, and Erste Group had all also united under Batavia.

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