Union Bank of Switzerland (UBS) has joined the ranks of cryptocurrency enthusiasts.
The Swiss banking giant will open a new research lab in London later this month to explore how the
Other companies examining blockchain technology include Ripple Labs, headed by Prosper founder Chris Larsen; Bitreserve, a company headed by CNET founder Halsey Minor; and the Stellar Development Foundation, a nonprofit founded with Stripe's support by Jed McCaleb of Mt. Gox fame. A spokesperson for UBS Americas did not comment when reached for more information on the project.
The supporting blockchain technology behind cryptocurrencies has been seen as a way of increasing both the transparency and speed of payments, though work remains to be done on scaling and adapting that tech for non-cryptocurrency transactions.
Wells Fargo, Stripe's U.S. banking partner, also examined utilizing blockchain technology for its business during 2013 and early 2014, according to a lengthy February report by The New York Observer. According to the report, the bank took a step back when McCaleb's Mt. Gox exchange collapsed after losing hundreds of millions of worth of bitcoin in a cybertheft.
