13 Banks Get Ready To Launch New Cryptocurrencies

In great news for cryptocurrency enthusiasts, 13 major global banks are now planning to launch new cryptocurrencies.

The cryptocurrencies will be crypto versions of major global fiat currencies, according to the Financial Times.

There are currently many obstacles in the way of cryptocurrency’s mainstream adoption. Financial executives’ biggest concern regarding cryptocurrencies is regulatory uncertainty, according to Business Insider Intelligence. Regulatory uncertainty in the global cryptocurrency market is a serious challenge that must be overcome before banks and other financial institutions become happy to jump aboard the crypto train. Other concerns cited by financial executives include the fact that seperate blockchains can’t work together, a lack of trust among cryptocurrency users, and intellectual property concerns, among other factors.

The 13 banks that will launch new cryptos include giants such as UBS, which is leading this project. The banks have been working on a crypto known as the Utility Settlement Coin (USC). The USC has been in the works since 2015 in order to find out whether or not blockchain technology can be used to improve the processes used in wholesale banking. The USC project will first focus on niche applications and creating the necessary market infrastructure for crypto. Later, USC could be used to find utility in clearing and settling trades, which would be a huge milestone for crypto’s application in banking.

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5 years ago
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