Game Over: Start-Up Cryptocurrencies ‘Can’t Compete’ With New Bank-Backed Coin

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Ten of the world’s biggest banks are now part of a project to create a new digital currency for financial markets; the new coin has the power to blow rival cryptocurrencies out of the market, financial consultant Luigi Wewege told Radio Sputnik.

Six of the world’s biggest banks have joined a project to create a new digital currency that will be used to settle transactions over blockchain, the technology that serves as a digital ledger for bitcoin. 

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined the “utility settlement coin” project launched by Swiss banking giant UBS, the Financial Times reported on Thursday.

They join four other banks, Deutsche Bank, Banco Santander, BNY Mellon and NEX, which had already signed up to use the coins. It is hoped the coins will make financial markets more efficient by speeding up systems for settling transactions.

“These…


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