Former Head of UBS Shares Excitement Over the “Powerful” Crypto Banking Potential

The ex-CEO of the largest bank of Switzerland, UBS, Peter Wuffli, has stated that he intends to tap into the 220 billion dollar market of private individuals, as well as institutions, that already own digital currencies. At present, Wuffli serves as the director of Sygnum, a Swiss cryptocurrency bank.

In his recent interview with local news publication, SwissInfo dated September 26, 2019, Wuffli shared that innovation can make the market much more efficient. As per the reports, he has also shown excitement over the strong potential that crypto assets have.

Expressing his thoughts, Wuffli told SwissInfo that there are valuable opportunities in the crypto space and this technology, especially the current 220 billion dollar crypto market. Adding further, he revealed that thousands of customers have reached out to them for a one-stop destination for loans, asset custody, and crypto trading with fiat money in a seamless manner.

Apart from that, Wuffli believes that tokenized assets in the likes of real estate, company shares, commodities, or art, are the upcoming frontier. However, he claimed that there are many questions as well, including the regulatory ones, that may take a few years to resolve.

Wuffli also believes that DLT (distributed ledger technology) can bring a lot of difference as he feels it’s more about democratizing the financial market. DLT has the prospects to be more reliable, cheaper, and faster technology for services. He thinks it could be useful in building smart contracts and securitizing shares for producing up-to-date share registers. It could help get rid of combining system and spreadsheets for dividend payment, secondary market trading, and doing capital increases that could simplify the system to a great extent. It could also eliminate trade settlement times along with counter-party risks.

Wuffli also disclosed why he chose to dive into this space. He said that his career has never seen him being a part of creating a new bank. It’s his curiosity and the love for doing new things which pushed him to explore the industry.

It is important to note that Wuffli joined in as a director of Sygnum back in July. In the previous month, Sygnum successfully acquired the banking and securities dealer license from Switzerland’s financial regulator along with another crypto bank called SEBA Crypto AG.