Banking Stalwart UBS CEO Says Blockchain Will ‘Redefine’ Banking

Banking Stalwart UBS CEO Says Blockchain Will ‘Redefine’ Banking

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Sergio Ermotti, the CEO of Swiss banking stalwart UBS, told CNBC that he thinks Blockchain technology will “likely redefine” the way that banks operate. UBS is by now very much invested in the new technology, collaborating in the Batavia project with IBM, Bank of Montreal, and others.

The announcement is not something strange, as companies and establishments have been hurrying into the Blockchain space in order to improve efficiency and cut costs. According to Ermotti:

“Our strategy there is very simple. We try to initiate and get as many other financial institutions and clients into teams like trade finance with other banks and IBM was a successful venture…[allowing banks to] operate and transact at a cheaper, more efficient level.”

Big on Blockchain, putting back Bitcoin

Though enthralled about the chances that Blockchain technology provides the banking sector, the CEO was inconclusive in his opinions toward Bitcoin. Nevertheless, rather than taking a extreme anti-Bitcoin viewpoint like his JP Morgan Chase counterpart, Ermotti simply dropped Bitcoin, saying:

“Not necessarily cryptocurrencies, I think that needs to be defined, but I believe there is a future for blockchain technology, and technology will play a big role in changing and reshaping our industry.”

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