Swiss Bank UBS Plans Cryptocurrency Offerings to High Networth Clients
Leading Swiss investment bank UBS Group AG is considering adding cryptocurrency offerings to its services.
UBS Group To Offer Cryptocurrency Services
Anonymous sources familiar with the plan told Bloomberg that UBS would only invest a small percentage of their client's wealth in cryptos due to their volatile nature of the sector. One of the means being considered includes investing through third-party investment vehicles.
UBS is a Swiss multinational bank founded over 170 years ago at the advent of the Swiss banking industry. It's known as a billionaire's bank that manages a large amount of private wealth globally. The firm counts around 50% of the world's billionaires as its clients.
Banking Giants Considering Offering Crypto Services
Several banking giants seem to have warmed up to offering cryptocurrency trading and custody services following Bitcoin's terrific rise this year.
The news of UBS comes after banking firm Citigroup revealed it was mulling the idea of floating a crypto trading, custody, and financing service.
The global head of foreign exchange at Citi, Itay Tuchman, revealed Citigroup's interest in crypto when he spoke about how the bank had seen a high surge of interest in Bitcoin from large clients since last August. Tuchman, however, said the firm is in no rush to launch crypto services.
Many other investment banks are pushing towards cryptocurrencies. Earlier this year, Goldman Sachs relaunched its cryptocurrency trading desk after a three-year hiatus, with new plans to once again support Bitcoin futures trading.
Morgan Stanley also became the first major US bank to offer its wealth management clients access to Bitcoin funds. The bank announced that it would launch access to three funds allowing Bitcoin ownership.
Sources have also revealed that JPMorgan Chase & Co is preparing to let private wealth clients invest in a managed Bitcoin fund for the first time.