The leading Swiss investment bank UBS is currently in the “early stages of planning” to offer its wealthy clients some options for investing in cryptocurrencies, experienced sources said. Bloomberg today (5/10).
At the moment, it is not clear which investment cryptocurrency instruments UBS is exploring, as the company sees several alternatives, sources said to the outlet. However, they added that it has already been decided that any potential services related to active crypto will be offered only to very wealthy customers.
Thanks to this, any investment offer that UBS may launch will represent only a fraction of its clients’ assets. To a large extent, this is dictated by the risks and high volatility generally associated with cryptocurrencies, the sources explained. In addition, UBS is also exploring the possibility of offering its customers the option of investing in digital assets through third-party investment vehicles.
UBS said in a previous statement:
We are closely monitoring developments in the area of digital assets. It is important to note that we are more interested in the technology that supports digital assets, that is, distributed reason technology
More institutions adopt cryptocurrencies
As reported by CryptoSlate, John Dalby, who has worked at UBS for more than two decades (most recently as chief financial officer at UBS Americas), was recently working full time with cryptocurrencies at the financial services firm New York Digital Investment Group (NYDIG).
Dalby said in the ad:
Every day, more industries understand the potential of Bitcoin and more customers are looking for ways to access it safely. Personally, I share NYDIG’s view on Bitcoin’s ability to drive economic empowerment for everyone. I look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals
Other large financial institutions are also gradually catching up with the cryptocurrency industry. Last week, American investment bank Goldman Sachs launched its own cryptocurrency trading team – after stating that cryptocurrencies “are not an asset class” last year.
In another instance, Morgan Stanley announced its plans to launch three focused funds in Bitcoin in mid-March. Subsequently, the bank increased its cryptocurrency game even further by approving investments in Bitcoin for a dozen more funds.