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More global financial giants are either planning to offer or have already started offering Bitcoin and crypto services to their clients. Switzerland’s largest bank UBS is joining the trend as it is reportedly exploring the possibility of offering such services to its clientele.
The Swiss financial giant is exploring several crypto investment options to offer to its wealthy clients, according to a Bloomberg report that cited people familiar with the matter as its source. One source stated that one of the options being considered is investing through third-party investment vehicles.
However, the source added that any crypto investment offering would only be a very small portion of the total wealth of the bank’s clients. Due to volatility concerns, most investors allocate only a small percentage of the funds into crypto as a way to manage price-related risks.
“We are monitoring the developments in the field of digital assets closely,” the Swiss banking giant said in a statement. “Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”
The UBS Group is the largest banking firm in Switzerland. The bank’s total assets as of 2020 are estimated to be worth more than $1.13 trillion, compared to the runner-up Credit Suisse’s $992 billion, according to Bitcoin.com.
A number of major investment banks, such as Goldman Sachs and Morgan Stanley, have already revealed plans of offering crypto services to their clients. JPMorgan and Citigroup are also considering offering crypto services to their clients.
UBS is reportedly concerned that it may lose clients if it does not offer such investment options to its wealthy clients. Philipp Rickenbacher, the CEO of another Swiss bank Julius Baer Group, said last week that his firm is also considering working with partners so it could give its clients access to crypto assets.
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