Swiss banking giant UBS plans to offer crypto investments

UBS, a major Swiss investment banking company, is now in the early stages of planning to offer cryptocurrency investments to their wealthy clients amid worries they might lose them for not making such an option available.

According to Bloomberg, the information came from sources knowledgeable about the subject, although they are not sure what crypto investment instruments will be explored by UBS as alternatives. What is sure, though, is whatever new investment offers related to crypto the bank comes up with, they will only be open for their wealthy clients.

UBS is also thinking about the potential of giving their clients an option to invest in digital assets via third-party investment vehicles.

Former UBS worker shares sentiments on Bitcoin

In a report by CryptoSlate, John Dalby, who last served as Chief Financial Officer (CFO) for UBS Americas and worked for over two decades with UBS, was quoted in saying, “every day, more industries come to understand Bitcoin’s potential and more clients seek ways to safely access it.”

He added that he personally shares the vision of New York Digital Investment Group (NYDIG) for the digital currency’s ability to “propel economic empowerment for all.”

He has shared that he is eager to do his job and help NYDIG to deliver innovative Bitcoin solutions both to institutions and individuals.

Financial institutions catch up on crypto

This won’t be the first and the last time that financial institutions such as UBS exerted efforts to catch on to the crypto industry.

Last week, American investment bank Goldman Sachs rolled out its own cryptocurrency trading team despite having claimed last year that digital currencies are not an asset class.

Morgan Stanley, on the other hand, announced plans for three Bitcoin-focused funds and has taken its crypto game to the next level by approving Bitcoin investments for some of its richest clients.

 

Image courtesy of Cointelegraph News/YouTube

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