CEO of UBS: Blockchain Will Transform Cost Base of Financial Services Industry
Cointelegraph
Published Jun 18, 2018 11:26PM ET
Updated Jun 19, 2018 12:42AM ET
CEO of UBS: Blockchain Will Transform Cost Base of Financial Services Industry
The CEO of Swiss financial services provider UBS Group Sergio Ermotti said that blockchain will be essential for the financial services industry in an interview with CNBC June 18.
Ermotti said that the underlying technology of cryptocurrencies will allow “[the] freeing up of resources to become more efficient,” adding that “[it] is a great way to allow us to… reduce costs.” He stated that blockchain will prove to be transformative to the industry’s cost base in five to ten years’ time, adding that prioritizing the application of blockchain technology will ensure that UBS remains competitive:
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