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.

AccessTimeIconMay 10, 2021 at 11:35 a.m. UTC
Updated Sep 14, 2021 at 12:52 p.m. UTC

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.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.