Swiss banking giant UBS is planning to open a technology lab in London to explore and experiment on the utility of blockchain technology in financial services industry.
In its new innovation lab, UBS will investigate blockchain, the underlying technology behind bitcoin, and other distributed ledger technologies along with smart contracts and work on potential new applications.
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The UBS lab will enable its research team led by financial technology specialists to collaborate with other experts and innovators tackling industry-wide challenges including the management of complex data and risk assessment in volatile markets.
The innovation lab, due to open later in April 2015, will be housed at FinTech accelerator Level39 in Canary Wharf.
UBS group CIO Oliver Bussmann said: "By establishing a dedicated innovation lab at Level 39 we are moving away from a purely in-house innovation strategy, optimising collaboration opportunities with the growing FinTech business, start-up and investor community in an open and transparent way.
"Our innovation lab at Level39 will provide a unique platform to explore emerging technologies such as Blockchain and crypto-currencies and to understand the potential impact for the industry."
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