Swiss investment bank UBS Group is reportedly exploring offering cryptocurrency services to its wealthy clients. UBS joins a growing list of major investment banks that are either already offering or planning to offer crypto investments to their clients, including Morgan Stanley, Goldman Sachs, and Citigroup.
- UBS Group AG is exploring â€œoffering crypto investments to rich clients,â€ Bloomberg reported Monday, citing people familiar with the matter. According to the publication, the company is in the early stages of planning its offerings.
- Several crypto investment options are being considered but any offering would be a small portion of the clientsâ€™ total wealth because of the volatility, one of the people told the news outlet. Some of the options being explored include investing through third-party investment vehicles.
- UBS said in a statement: â€œWe 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.â€
- Based on total assets in 2020, UBS Group is the largest bank in Switzerland with more than $1.13 trillion in total assets, followed by Credit Suisse with $992 billion.
- Several major investment banks have already said that they will be offering wealthy clients some crypto-related investments, including Morgan Stanley and Goldman Sachs. Citigroup and JPMorgan are also reportedly considering offering some crypto services.
- In January, UBS published a report advising whether their clients should buy bitcoin. While acknowledging that the price of the cryptocurrency may increase, the bank is skeptical about any essential real-world use cases. Meanwhile, Paul Donovan, Chief Economist of UBS Global Wealth Management, recently said that â€œbitcoin is denied to those minority groups who have reduced online access.â€
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