http://newsdoses.com/855/6-worlds-biggest-banks-teaming-create-cryptocurrency/
https://qz.com/1066601/ubss-utility-settlement-coin-could-put-cash-on-a-blockchain-in-2018/
> The world’s biggest banks aren’t immune from cryptocurrency euphoria, with a range of projects underway to explore how traditional financial firms can benefit from the innovation. Swiss banking giant UBS and 10 other companies say that they plan to use the technical idea behind bitcoin—a distributed ledger called a blockchain—for their own digital currency (paywall). This could show the way for the world’s biggest central banks to do the same.
> Banks like Barclays and HSBC are the latest to join the “utility settlement coin” project, started by UBS and Clearmatics Technologies in 2015. The idea is to develop a new, streamlined payment mechanism for institutional purposes. According to CoinDesk, it could potentially replace clearinghouses and other back-office plumbing that sits between buyers and sellers of assets.
> Alex Batlin, who heads BNY Mellon’s blockchain projects, led work on utility settlement coin at UBS at its inception. For him, it’s an example of blockchain technology’s promise to remake finance. “Blockchain is a really good, resilient system,” he said in an interview earlier this summer. “The interesting thing about bitcoin is since its inception, no one’s cracked it. Yet it’s completely in the open.” BNY Mellon is also involved in the utility settlement coin project.
> The hope is that the UBS group will come up with something faster, cheaper, and more reliable than existing systems. Each settlement coin would represent fiat currency like euros and dollars on a one-to-one basis, and would thus be 100% backed by collateral at the domestic central bank, according to UBS. The idea is that exchanging the digital currency as payment for assets will be a more efficient means of exchange.
>>3294628
this essentially puts ripple out of business, correct?
No one gives a shit.
There are so many original ideas right now that banks cannot add much of value.
Tldr
>>3294656
what he says.
whatever coin/tangle/blockchain the banks will come up with will be THE shitcoin.
Who would want a coin that a single entity or a small group of entities completely control?
Inb4 uhh btc is centralized, activation of segwit has shown that miners' don't have absolute control
>>3294642
Doubtful. They don't even have a working product yet, Ripple does.
Plus it's pretty stupid for banks to develop such a thing desu. How are they gonna convince other banks they're not ripping them off without a neutral 3rd party?
WE ARE THE JEWS NOW
>>3294628
Im not buying anything made by banks i had my lesson with the cripple
>>3294688
>Who would want a coin that a single entity or a small group of entities completely control?
Normies
>>3294628
Jews have entered the crypto game a long time ago.
We have been feeding them for years.
>>3294801
this. friendly reminder that if you did not enter crypto in the early adoption stages and have not thoroughly researched satoshis vision and direction to make use of this technologys potential, you will be robbed when its all said and done. everything that wasnt a name already five years ago is likely the actual ponzi and not the blockchain itself
>>3294688
>he says, as he pays for goods and services in fiat instead of gold certificates