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 “offering crypto investments to rich clients,” 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 clients’ 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: “We 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.”
- 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 “bitcoin is denied to those minority groups who have reduced online access.”
Do you think UBS should offer crypto services? Let us know in the comments section below.
- 2020
- access
- Assets
- Bank
- Banks
- Billion
- Bitcoin
- Bloomberg
- buy
- buy bitcoin
- cases
- chief
- clients
- comments
- company
- credit
- credit suisse
- crypto
- cryptocurrency
- digital
- Digital Assets
- Distributed Ledger
- distributed ledger technology
- Early
- Global
- goldman
- Goldman Sachs
- Group
- Growing
- HTTPS
- Including
- Increase
- investing
- investment
- investment banks
- Investments
- JPMorgan
- Ledger
- List
- major
- management
- minority
- Monday
- monitoring
- morgan stanley
- namely
- news
- offer
- offering
- Offerings
- online
- Options
- People
- planning
- price
- report
- Services
- small
- stanley
- Statement
- switzerland
- Technology
- us
- Vehicles
- Volatility
- Wealth
- wealth management
- WHO
More from BitcoinNewsMiner
Ethereum Gas Fees Touch New Lows, What’s Ahead For Ethereum
Source Node: 1330252
Time Stamp: May 28, 2022
Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?
Source Node: 1179525
Time Stamp: Feb 19, 2022
Bitcoin Struggles To Hold $40K While Crypto Track US Stocks
Source Node: 1286357
Time Stamp: Apr 30, 2022
‘Wolf of All Streets’ Trader Says Dogecoin Is a Good Entry Point to Cryptocurrency, Has Advice for DOGE Investors
Source Node: 875466
Time Stamp: May 22, 2021
Mad Money’s Jim Cramer Dumps His Bitcoin Over China Mining Crackdown and Ransomware Concerns
Source Node: 935113
Time Stamp: Jun 21, 2021
Bank of Russia to Monitor Banks’ Dealings With Crypto Exchangers
Source Node: 1149467
Time Stamp: Jan 21, 2022
Bithumb Terminates Trademark Agreements With 2 Foreign-Based Exchanges
Source Node: 983586
Time Stamp: Jul 18, 2021
Kraken Says Proof-of-Reserves Audit Shows $19B in Bitcoin and Ether
Source Node: 1164702
Time Stamp: Feb 3, 2022
Deutsche Bank Initiates Coverage of Metaverse Play Matterport, Sees Near 50% Upside
Source Node: 1164020
Time Stamp: Feb 2, 2022
Leading Auction House Sotheby’s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million
Source Node: 1067969
Time Stamp: Sep 11, 2021