UBS Exploring Ways to Offer Crypto to Wealthy Clients: Report
The Swiss bank exploring “several alternatives” for offering crypto, according to people familiar with the plan.
Swiss financial giant UBS Group is in the early stages of planning to offer digital currency investments to affluent clients, according to a Bloomberg report.
- The bank is exploring several alternatives for offering the asset class, the news outlet said, citing people familiar with the plan.
- Investment offerings would be a “small portion” of the clients’ total wealth due to the volatility, and options include investing through third-party investment vehicles, Bloomberg reported.
- More investment banks are making a push to offer cryptocurrency investments. For example, earlier this year, Goldman Sachs relaunched its cryptocurrency trading desk after a three-year hiatus, with plans to once again support bitcoin futures trading.
- Other banks, including BNY Mellon and Deutsche Bank, have entered the market. Citigroup is also considering launching crypto services amid a surge in interest from its clients.
- UBS didn't immediately respond to a request for comment from CoinDesk.
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