Sergio Ermotti, the CEO of UBS, is no fan of cryptocurrencies but says the underlying blockchain technology is “definitely an opportunity” for the global bank and other businesses over the long term. An opportunity to cut costs, that is.
“It’s almost a must,” Ermotti told CNBC. “The freeing up of resources to become more efficient will come through technology, and blockchain is a great way to allow us to … reduce costs.”
UBS is currently involved in a blockchain-based global trade finance platform called Batavia along with IBM and other major banks. However, while UBS may be interested in blockchain, the bank says bitcoin (BTC) and other cryptocurrencies are creating a “speculative bubble.” Read more here.