TL;DR Breakdown
- Swiss Bank to begin offering client crypto investment option
- Other financial firms preparing to offer crypto products
Swiss Bank, UBS Group is seeking means to give its rich clients the option of investing in digital assets.
According to a Bloomberg report, this plan is already in the initial stages and the reason for this offer is to provide wider approach in reaction to clients’ demand, just like other United States companies.
The investment would be a little portion of the clients’ whole wealth because of volatility. There will also be choices of investing such as investing through third party investment vehicles.
Swiss bank, other financial Institutions adopting cryptocurrency
In recent times, many investment banks outside Swiss bank have been trying to offer cryptocurrency investments. One of such is Goldman Sachs of Investment bank which launched its cryptocurrency trading desk again after a three-year suspension.
Deutsche Bank also recently joined the growing ranks of large financial institutions. Their aim was to build a completely integrated custody platform for institutional clients and their digital assets while giving seamless connectivity to the broader cryptocurrency ecosystem.
BNY Mellon, the world’s hugest custodian bank with some $41 trillion in assets in its safekeeping, also announced in February that it was entering the crypto world.
Mike Demissie, head of advanced solutions at BNY Mellon had said this interest in crypto will be based on client interest and demand, while also making sure that only assets authorized in a particular market are being backed.
Last week, it was also declared that Citigroup is examining launching cryptocurrency services as a result of the increase in interest from its customers.
Morgan Stanley, a big U.S. bank also announced to its financial advisors in March that it is commencing access to three funds that allows ownership of bitcoin.
While two of the funds on offer are from Galaxy Digital, a crypto company established by Mike Novogratz, the last one is a combined effort from asset manager FS Investments and bitcoin company NYDIG.
