Swiss bank UBS ponders offering Bitcoin investments to wealthy clients |
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Switzerland’s UBS may begin offering its wealthy clients access to Bitcoin investment products and advice. The world’s largest wealth manager is in talks with other banks and fintech startups to offer such services, a UBS spokesman said on Tuesday. The move is the latest sign that banks are taking cryptocurrency seriously. UBS has previously carried out tests of its own prototype cryptocurrency, called “Utility Settlement Coin”, which is aimed at central banks.
Digital currency Bitcoin is moving into the mainstream, according to a Wall Street Journal report today that a Swiss private bank is thinking about offering Bitcoin investments to wealthy clients. The report cites an unnamed person familiar with the plans who said that UBS Group AG is considering whether to offer the service to clients as part of a strategy to expand the bank’s wealth-management business.
News ‘ Bitcoin ‘ US ‘ Investments
Swiss banking giant UBS is reportedly worried about losing customers if it doesn’t offer cryptocurrency investment tools.
Liam Frost – 10. May 2021 at 12:49 UTC – 2 min read
Switzerland’s largest investment bank, UBS, is currently in the early stages of planning to offer its wealthy clients some investment options in cryptocurrencies, trusted sources told Bloomberg today.
For now, it is unclear which cryptocurrency investment vehicles UBS is considering, as the firm looks at several alternatives, sources told the publication. However, they add that it has already been decided that all potential services related to cryptocurrencies will only be offered to very wealthy customers.
For this reason, each UBS investment offering will represent only a fraction of its clients’ assets. This is largely due to the risks and high volatility typical of cryptocurrencies, the sources explained. UBS is also exploring the possibility of offering clients investments in digital assets through third-party investment vehicles.
We follow the evolution of digital assets closely. Importantly, we are most interested in the technology that underpins digital assets, namely distributed ledger technology, UBS said in a statement.
More institutions accept cryptocurrencies
John Dalby, who has spent more than two decades at UBS (most recently as CFO of UBS Americas), has reportedly recently accepted a full-time role in cryptocurrency at financial services firm New York Digital Investment Group (NYDIG).
Every day more and more industries realize the potential of bitcoin, and more and more customers are looking for ways to access it securely. Personally, I agree with NYDIG that Bitcoin can provide economic opportunity for everyone. I look forward to helping NYDIG provide innovative bitcoin solutions to institutions and individuals, Dalby said in a statement.
Other major financial institutions are also gradually entering the world of cryptocurrencies. Last week, US investment bank Goldman Sachs launched its own trading team in cryptocurrencies – after declaring last year that cryptocurrencies were not an asset class.
In addition, Morgan Stanley announced in mid-March its intention to launch three bitcoin funds. Then the bank further upped its cryptogame by approving bitcoin investments for a dozen more funds.
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