UBS launches blockchain payment system "UBS Digital Cash"

ChainCatcher news, according to Ledger Insights, UBS has successfully piloted a blockchain-based payment system known as UBS Digital Cash, aimed at improving the efficiency of cross-border transactions.

UBS stated in a press release that the pilot involved transactions with multinational clients and banks, including domestic transactions in Switzerland and cross-border payments in USD, CHF, EUR, and CNY. UBS plans to further expand and develop UBS Digital Cash.

It is reported that the system uses a private blockchain network, accessible only to authorized clients.