UBS has joined the trend, now building their own virtual coin. The Swiss bank has partnered with a London-based startup to develop the coin as apposed to building it internally. Critics of the idea question whether other institutions will build on their own blockchains, or develop currency on-top of the existing open-sourced one?
UBS executives said the bank does not plan on issuing the digital coin itself but hopes to work with other market participants – including asset managers, regulators and market structure providers like clearing houses and exchanges – for an industry-wide product. Hyder Jaffrey, the bank’s e-commerce commercial director, said UBS had already reached out to potential partners, but would not comment on specific institutions.