Sergio Ermotti, the CEO of Swiss banking giant UBS, told CNBC that he believes Blockchain technology will “likely reshape” the way that banks do business. UBS is already heavily invested in the new technology, partnering in the Batavia project with IBM, Bank of Montreal, and others.
The statement does not come as a surprise, as companies and institutions have been rushing into the Blockchain space in order to increase efficiency and decrease costs. According to Ermotti:
Hot on Blockchain, not Bitcoin
Though excited about the possibilities that Blockchain technology holds for the banking sector, the CEO was ambivalent toward Bitcoin. However, rather than taking a hardline anti-Bitcoin stance like his JP Morgan Chase counterpart, Ermotti simply dismissed Bitcoin, saying: