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Banking Giant UBS CEO Says Blockchain Will 'Reshape' Banking

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Sergio Ermotti, the CEO of UBS's Swiss banking giant, told CNBC that he believes Blockchain technology will "likely reshape" the way that banks do business. UBS is already heavily invested in new technology, partnering in the project with IBM, Bank of Montreal, and others.

The statement does not come as a surprise, as companies and institutions have been rushing into the Blockchain space in order to increase efficiency and decrease costs. According to Ermotti:

"Our strategy is very simple, we have been a successful venture … [allowing banks to]

Hot on Blockchain, Not Bitcoin

The United States and the United States. CEO was ambivalent towards Bitcoin, however, rather than taking a hardline anti-Bitcoin stance like his JP Morgan Chase counterpart, Ermotti simply dismissed Bitcoin, saying:

"Not necessarily cryptocurrencies, I think that needs to "

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