Peter Wuffli, the former CEO of Switzerland’s largest bank UBS, explained there are substantial opportunities in the cryptocurrency world. During a recent interview, he has also talked about his new role as a director at the Swiss crypto bank Sygnum.
Wuffli, who worked as the CEO of UBS, is now the director at the crypto bank Sygnum. The firm has already been awarded a banking license by the Swiss financial regulator. The new bank wants to enter the crypto market and offer a solution to clients in different countries, including Singapore and Switzerland.
Mr. Wuffli considers that the blockchain and crypto markets provide substantial opportunities. He considers that there is an opportunity to leverage talent and innovation and take advantage of this new market. On the matter, he said:
“There are substantial opportunities in this technology and the cryptocurrency world. I was hooked because I saw how this idea was mobilising resources of finance and talent.”
One of the main possibilities that crypto banks have is related to the $220 billion market of institutions and private individuals that already own digital assets. Wuffli explained there are thousands of clients that contacted them for a one-stop-shop for asset custody, loans, and trading crypto seamlessly with fiat currencies.
Moreover, he has also discussed the benefits of blockchain technology and how it can help the financial market. It is possible to securitize shares, build smart contracts and produce share registers that are always up-to-date and controlled.
In a philosophical level, he considers distributed ledger technology (DLT) is about democratizing financial markets. Although he said he is not a libertarian, he believes in free markets. With this technology, he considers it is possible to create more open, broader and easier cross-border access to different assets.
Regarding the influence DLT could have had on financial crises, Wuffli said more transparent systems would have allowed for better actions and decisions. Nevertheless, better data would not have sold the political ambitions to grant mortgages to people without the necessary income to pay for the credit.
Wuffli is ready to be offering services in the crypto industry to retail and institutional investors alike. With their Sygnum crypto bank, they expect to start operating in the future and become an important participant in the space.
Featured image via Sygnum Youtube.