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Report: Swiss Funding Financial institution UBS Planning Cryptocurrency Choices

05/10/2021

Swiss funding financial institution UBS Group AP is reportedly planning to supply cryptocurrency investments, which might possible embody bitcoin publicity.

Main Swiss funding financial institution UBS Group AG is reportedly planning to supply cryptocurrency investments, possible together with bitcoin publicity, to rich shoppers.

“The Swiss agency is exploring a number of options for providing the asset class, individuals accustomed to the plan mentioned,” based on Bloomberg. “Any funding providing can be a really small portion of the shoppers’ whole wealth due to the volatility, whereas choices embody investing via third social gathering funding automobiles, one of many individuals mentioned.”

Sources additionally voiced concern that shoppers would depart UBS if it didn’t begin providing some kind of cryptocurrency funding choices to its shoppers. Just lately, a lot of its highest-profile opponents have signaled their plans to grant bitcoin publicity to their very own shoppers.

As an example, this 12 months, BNY Mellon has introduced a bitcoin technique for its shoppers, Morgan Stanley has introduced plans to permit shoppers to put money into bitcoin funds and Goldman Sachs has shared particulars round its work to supply BTC funding automobiles and lately provided bitcoin derivatives.

It’s nonetheless unclear how or when the Swiss agency will broach cryptocurrency choices, or how a lot it is going to emphasize bitcoin particularly. However a serious legacy establishment equivalent to UBS is prone to begin with BTC choices first, an increasingly-popular asset amongst rich buyers.

“UBS Chief Government Officer Ralph Hamers is taking a deep take a look at the place he can minimize prices and digitize operations, together with the high-touch enterprise of serving the world’s wealthiest,” per Bloomberg. “The financial institution spends roughly $3.5 billion per 12 months on know-how to keep up and modernize its present infrastructure and innovate new instruments for workers and merchandise for shoppers.”