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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.
STORY CONTINUES BELOW
- 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: Banking Giant UBS Goes Live on We.Trade Blockchain for Trade Finance
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
