Swiss Banks Pioneer Legally Binding Blockchain Payments

UBS, PostFinance, and Sygnum Bank have made history by executing the first legally binding interbank payment using blockchain technology. This innovative move, conducted with Ethereum-based deposit tokens, highlights the potential of blockchain to enhance efficiency and security in banking. The collaboration, initiated under the Swiss Bankers Association, sets a precedent for future financial transactions and marks a significant step towards integrating digital currencies into traditional banking systems.