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UBS Exploring Ways to Offer Crypto to Wealthy Clients: Report
The Swiss bank exploring “several alternatives” for offering crypto, according to people familiar with the plan.
Updated Sep 14, 2021, 12:52 p.m. Published May 10, 2021, 11:35 a.m.
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.
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- 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
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