Former UBS CEO Sets Sights On $220B Market As Director of Swiss Crypto Bank, Sygnum
Peter Wuffli, known as the former CEO of the largest Swiss bank, UBS, has recently affirmed that his new crypto bank called Sygnum could be used to tap into the crypto market more deeply. According to him, there is a $220 billion market to be explored, as many individuals and institutions who already own cryptos could use a bank.
He has also shown some excitement concerning the fact that crypto assets have plenty of potential to be explored. The market is still very young and Wuffli believes that several solutions can be offered to clients such as custody, trading and loans.
Wuffli has noted that tokenization is another great opportunity. In this digital age, several companies have the opportunity to tokenize their shares or other important assets such as real estate.
The only aspect that gets in the way of this is that there is still no clear regulation for the industry. Wuffli affirmed that the blockchain brings a lot to the table, but that some uncertainty is still there.
According to him, one of the main aspects of blockchain that will help companies beyond tokenization is that they can be used to simplify processes. You can simply abandon spreadsheets and complex systems. Using blockchain solves several uses and decentralizes the system.
However, he has also noted that “corporate currencies” are not completely using the potential of blockchain, which can be used for market democratization. He was very skeptical about Facebook’s new Libra asset, for instance, which is seen as a corporate currency instead of something that will really democratize the economy.