The centrally extended superalgebra psu(2|2)xR^{3 was shown to play an important role for the integrable structures of the one-dimensional Hubbard model and of the planar AdS/CFT correspondence. Here we consider its quantum deformation U_q(psu(2|2)xR}3) and derive the fundamental R-matrix. From the latter we deduce an integrable spin chain Hamiltonian with three independent parameters and the corresponding Bethe equations to describe the spectrum on periodic chains. We relate our Hamiltonian to a two-parametric Hamiltonian proposed by Alcaraz and Bariev which can be considered a quantum deformation of the one-dimensional Hubbard model.

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