Swiss bank UBS is leading a team of four of the world’s biggest banks.
This team aims to develop a system that will enable financial markets to make payments and settle transactions quickly, utilizing the blockchain technology. The blockchain has been used within the Fintech industry since it works as a tamper-proof shared ledger that can automatically process and settle transactions using computer algorithms without the use of third-party verification.
Now, UBS has created a digital cash equivalent of the major currencies that are backed by the central banks called a Utility Settlement Coin (USC). The USC will be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by fiat assets at a central bank.
Clearmatics, which utilizes Ethereum, is one of the blockchain companies UBS is working with. It is a blockchain platform that brings participants together on a single platform. There, members can settle instruments and automate post-trade processes through their Decentralized Clearing Network. Custodians, dealers, trading venues, buy-side firms and data providers are gathered on a single platform. Because of this news, Clearmatics has shed light on Ethereum on the front page of the Financial Times.
To learn more about Clearmatics and their job opportunities, head to their website.