The Bitcoin Bros Have Lost

...to the big banks, who are trying their own hands at the ole digital currency game.
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By deavmi (Own work) [CC BY-SA 4.0], via Wikimedia Commons

via Wikimedia Commons

The cryptoanarchists’ revolution is over. Condolences. The victorious cryptocapitalists’ advice is: Do what your parents did! Get a job, sir, at UBS, Deutshe Bank, Santander or BNY Mellon. Even JPMorgan Chase.

UBS, the Swiss bank, pioneered the "utility settlement coin" and has now joined forces with Deutsche Bank, Santander and BNY Mellon — as well as the broker ICAP — to pitch the idea to central banks, aiming for its first commercial launch by early 2018….

The utility settlement coin, based on a solution developed by Clearmatics Technologies, aims to let financial institutions pay for securities, such as bonds and equities, without waiting for traditional money transfers to be completed. Instead they would use digital coins that are directly convertible into cash at central banks, cutting the time and cost of post-trade settlement and clearing.

The coins, each convertible into different currencies, would be stored using the blockchain, or distributed ledger technology, allowing them to be quickly swapped for the financial securities being traded.

Big banks plan to coin new digital currency [FT via CNBC]

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