Add another one to the list! UBS, the largest bank in Switzerland is reportedly exploring offering cryptocurrency services to its wealthy clients. Apparently, the company is in the early stages of planning its offerings.
If they come to fruition, UBS Group AG will join a growing list of major investment banks that are either already offering or planning to offer crypto investments to their clients.
Bloomberg reports, citing people familiar with the matter, that several crypto investments are being considered. But any offering would be a small portion of the total wealth of the clients, because of the volatility of the market.
Also being explored, are options to enable investing through third-party investment vehicles.
The statement from UBS:
“We are monitoring the developments in the field of digital assets closely. Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”
Back in January, UBS actually published a report advising whether their clients should buy Bitcoin. And while that report acknowledged that the price of the cryptocurrency may increase, the bank was skeptical about any essential real-world use case.
In any case, the institution offering access to digital asset will be a big development. Based on total assets in 2020, UBS Group is the biggest Swiss bank with more than $1.3 trillion in total assets. Credit Suisse follows in second place with $992 billion.
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