UBS Exploring Ways to Offer Crypto to Wealthy Clients: Report

Swiss financial giant UBS Group is in the early stages of planning to offer digital currency investments to affluent clients, according to a Bloomberg report.

• The bank is exploring several alternatives for offering the asset class, the news outlet said, citing people familiar with the plan.
• Investment offerings would be a “small portion” of the clients’ total wealth due to the volatility, and options include investing through third-party investment vehicles, Bloomberg reported.
• More investment banks are making a push to offer cryptocurrency investments. For example, earlier this year, Goldman Sachs relaunched its cryptocurrency trading desk after a three-year hiatus, with plans to once again support bitcoin futures trading.
• Other banks, including BNY Mellon and Deutsche Bank, have entered the market. Citigroup is also considering launching crypto services amid a surge in interest from its clients.
• UBS didn't immediately respond to a request for comment from CoinDesk.

Read more: Banking Giant UBS Goes Live on We.Trade Blockchain for Trade Finance