Footprint Analytics · 17 hours ago · 7 min read
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Swiss bank UBS ponders offering Bitcoin investments to wealthy clients
Swiss banking giant UBS is reportedly concerned it may lose clients by not offering any crypto investment instruments.
Major Swiss investment banking company UBS is currently in the “early stages of planning” to offer its rich clients some options to invest in cryptocurrencies, knowledgeable sources told Bloomberg today.
At the moment, it is unclear what crypto investment instruments UBS is exploring as the firm eyes several alternatives, sources told the outlet. However, they added that it has already been decided that any potential crypto-related services will be only offered to very rich clients.
Thanks to this, any investment offering that UBS could roll out will amount to only a fraction of its clients’ wealth. In no small part this is dictated by the risks and high volatility usually associated with cryptocurrencies, sources explained. Additionally, UBS is also exploring the possibility of offering its clients an option to invest in digital assets via third-party investment vehicles.
“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,” UBS said in a statement earlier.
More institutions adopt crypto
As CryptoSlate reported, John Dalby, who worked at UBS for over two decades (most recently as the chief financial officer of UBS Americas), recently went to work full-time on cryptocurrencies at financial services firm New York Digital Investment Group (NYDIG).
“Every day, more industries come to understand Bitcoin’s potential and more clients seek ways to safely access it. Personally, I share NYDIG’s vision for Bitcoin’s ability to propel economic empowerment for all. I eagerly look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals,” Dalby said in the announcement.
Other major financial institutions are gradually catching up to the crypto industry as well. Just last week, American investment bank Goldman Sachs launched its own cryptocurrency trading team—after claiming that cryptocurrencies are “not an asset class” last year.
In another instance, Morgan Stanley announced its plans to launch three Bitcoin-focused funds in mid-March. The bank has later upped its crypto game even further by approving Bitcoin investments for a dozen more funds.
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