Switzerland’s investment bank UBS Group AG is considering adding cryptocurrency offers to its services.
According to Bloomberg, UBS is exploring various alternatives to offer its wealthy customers the ability to interact with cryptocurrencies such as Bitcoin.
Anonymous sources familiar with the plan told Bloomberg that UBS will only invest a small percentage of its customers’ wealth in cryptos due to the volatile nature of the industry. One of the tools under consideration includes investing through third-party investment vehicles.
UBS is a multinational Swiss bank that was founded more than 170 years ago in the years when the Swiss banking industry was born. It is known worldwide as a billionaire bank managing large amounts of private wealth. The firm counts around 50% of the world’s billionaires as their customers.
Several banking giants appear to have been overheated to offer cryptocurrency trading and custody services after Bitcoin’s tremendous rise this year.
This news from UBS came after banking firm Citigroup came up with the idea to float a crypto trading, custody and financing service.
Citi’s head of global exchange, Itay Tuchman, explained that Citigroup has seen a high increase in interest in Bitcoin from big customers since last August. However, Tuchman said the firm is not in a hurry to launch its crypto services.
Many other investment banks are moving towards cryptocurrencies. Earlier this year, Goldman Sachs relaunched the cryptocurrency trading desk after a three-year hiatus and announced new plans to support Bitcoin futures trading once again.
Morgan Stanley also became the first major US bank to offer asset management clients access to Bitcoin funds. The bank announced it will launch access to three funds that allow Bitcoin ownership.
The sources also revealed that JPMorgan Chase & Co is preparing to allow private asset clients to invest in a managed Bitcoin fund for the first time.