UBS Reportedly Joins Cryptocurrency Party

Editorial Staff

11 May 2021

UBS is reportedly looking at offering cryptocurrency investments to wealthy clients, joining a trend of major financial groups entering the digital assets space and taking it more mainstream.

A report by Bloomberg said that the Zurich-listed bank’s plans are in early stages. Any offering would be a small chunk of a client’s total investment.

By taking such a step, the bank will join the likes of Goldman Sachs and Morgan Stanley in offering these services.

Goldman Sachs recently announced that it will trade non-deliverable forwards, a derivative product tied to bitcoin's price. It has also launched a cryptocurrency trading desk. Morgan Stanley has offered its wealth management clients access to bitcoin funds since March, allowing certain clients ownership of the cryptocurrency. In another report, Citigroup is said to be considering launching cryptocurrency services.

UBS declined to comment to this news service.

Other groups such as BNY Mellon, Julius Baer and Guggenheim Partners are getting into the digital assets space.