Santander and UBS Discuss Blockchain at Bank of England Event

Investment bank UBS and Spanish megabank Santander discussed blockchain technology at the Bank of England's Open Forum event held in London today.

AccessTimeIconNov 11, 2015 at 7:21 p.m. UTC
Updated Mar 2, 2023 at 10:36 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Swiss investment bank UBS and Spanish megabank Santander discussed blockchain technology at the Bank of England's Open Forum conference in London today.

Jose Maria Fuster, global head of innovation at Santander, commented on the potential of the blockchain to overhaul the financial industry during a panel discussion which aimed to decipher how financial innovation and technology could support the economy.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Fuster said:

    "Blockchain technology is very much related with the bitcoin concept ... this technology is allowing us to create a completely new space of infrastructure to transfer money, to store money and to create smart contracts and to do a lot of things that could fundamentally change the landscape of the financial industry."

    "This is not something that is going to happen tomorrow," he cautioned.

    Although bitcoin and blockchain technology went largely unnoticed during the panel, Fuster urged his contemporaries to not lose sight of innovation, acknowledging its significance for the wider financial industry.

    "Innovation is a new concept, but now innovation is a must," he said, adding "If you don't innovate, someone will replace your business model ... Innovation is a strategic tool."

    His remarks come after Santander InnoVentures – the bank's $100 venture capital arm – launched a global blockchain competition in an attempt to support early stage startups working with the technology and its participation in Ripple's Series A $32m funding round.

    UBS weighs in on the debate

    Bitcoin and the blockchain also featured in a panel discussion about the role of central banks in financial markets, which featured Digital Assets Holdings CEO Blythe Masters and Alex Weber, chairman of investment bank UBS, which announced the launch of its blockchain research laboratory in April.

    City.AM, Weber was positive about the benefits of blockchain technology but largely dismissive of digital currencies such as bitcoin, noting that private currencies would fail to succeed "because there is no lender of last resort – there will always be boom and bust".

    With their comments, Fuster and Weber became the latests additions to a growing number of mainstream financial figures who have publicly lauded the potential of distributed ledger technology and the ways in which it could potentially reshape the finance world.

    Featured image via Twitter.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.