UBS, PostFinance and Sygnum Conduct Cross-Bank Payments on Ethereum

Swiss banking powerhouse UBS, crypto banking specialist Sygnum and PostFinance, a subsidiary company of the state-owned Swiss Post, successfully tested payments between institutions on Ethereum, according to a press release on Tuesday. The proof of concept, run under the Swiss Bankers Association, saw UBS, PostFinance, and Sygnum Bank carry out transactions using deposit tokens — digital representations of bank deposits that can move on a public blockchain. The payments were settled legally between banks ...