The CEO of the Swiss financial services giant UBS Group recently endorsed blockchain technology. In an interview with CNBC, Sergio Ermotti said that the technology is designed to help companies to become more efficient and therefore reduce their costs for certain operations.
According to Ermotti:
“Our industry will continue to be under pressure, in terms of gross margins. It’s no doubt. The only way you can stay relevant is not only by being strong in terms of capital, in terms of products, the quality of the people you have, advice you give to clients. You need also to be able to price it correctly.”
The CEO of UBS also said that the blockchain technology “will be as crucial as disruptive as well as changing as regulation was in the last 10 years.”
This is not the first time the CEO has praised blockchain technology without praising cryptocurrencies. In another interview with CNBC in October, he said that he was far more bullish on blockchain than he was about cryptocurrencies in specific.
Meanwhile, UBS is currently backing a blockchain-based trade finance platform named Batavia, in a partnership with IBM. According to earlier reports, the platform has conducted its first live cross-border transactions with corporate clients.
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