Union Bank AG from Liechtenstein will launch a token, the value of which will be tied to the Swiss franc, AMB Crypto reported. 

Union Bank AG is the first licensed financial institution to issue its own digital money, the company said in a statement.

“Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike. As a fully licensed and regulated bank we are in a privileged position to combine all the advantages of trading banking with the possibilities inherent in the blockchain technology,” the Chair of the Board of Directors, M.H. Dashmaltchi, said.

Union Bank will be collaborating with Verum Capital AG, a leading blockchain firm in Switzerland, in order to achieve their goals.