UBS Group, Switzerland’s largest investment bank, is reportedly planning to offer its wealthy clients exposure to cryptocurrencies.
BNN Bloomberg reported the news on Monday, citing “people familiar with the plan.” UBS’s plans are still in the early stages, per the report.
Details of the crypto offerings are not yet clear, but one such option could reportedly be investing through third-party vehicles. Any investment offering would be a tiny portion of clients’ total wealth as crypto is volatile, per the report.
Several banking giants have warmed up to the crypto market given bitcoin’s meteoric rise this year and client demand. Last week, it was reported that Citigroup is considering launching crypto trading, custody, and financing services. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, and others have also moved to provide crypto services to their wealthy clients.