UBS Group, a Swiss investment bank, is currently considering providing digital currency services to its high-net-worth customers. UBS enters a growing roster of major investment banks, namely Morgan Stanley, Goldman Sachs, and Citigroup, who are either providing or preparing to sell cryptocurrency investments to their investors.
Bloomberg posted Monday that UBS Group AG is considering offering crypto shares to rich individuals, citing citing unnamed sources. As per the article, the firm is also in the preparation phases of its offers.
Some cryptocurrency investment options are being discussed, but due to the uncertainty, any offering will be a limited amount of the clients’ overall wealth, according to one of the sources. Investing in third-party investment funds is one of the alternatives being considered.
UBS stated in a release that: “We are monitoring the developments in the field of digital assets closely. Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”
With over $1.13 trillion in net assets in 2020, UBS Group is the biggest bank in Switzerland, led by Credit Suisse with $992 billion.
Morgan Stanley and Goldman Sachs are among the largest investment banks that have already stated that they would sell affluent investors crypto-related portfolios. According to reports, Citigroup and JPMorgan are thinking of providing digital currency services.
UBS released a paper in January advising clients about whether or not to purchase bitcoin. While recognizing that the digital currency’s price could rise, the bank is suspicious of any important real-world applications. In the meantime, UBS Global Wealth Management Chief Economist Paul Donovan previously stated that bitcoin is inaccessible to those ethnic groups who have limited internet access.