“UBS Group AG” is in the early stages of a project to invest in digital currencies, targeting wealthy customers – another company trying to expand its access in high demand.
The Swiss company is considering several alternatives for investing in this class of assets, people familiar with the plan told Bloomberg. The investment proposals will be a small part of the clients’ situation due to the instability, and the options will include investing through third party instruments, says a source.
More and more companies are offering crypto services instead of securities. Goldman Sachs Group Inc. went even deeper into the $ 1 trillion bitcoin market by offering bitcoin price-related derivatives, which are paid in cash. Morgan Stanley, on the other hand, plans to give its wealthy clients access to three cryptocurrency funds, and Bank of New York Mellon Corp. is developing a platform for trading traditional and digital assets. Citigroup is also considering crypto services.
“We are closely monitoring what is happening in the field of digital assets,” UBS said in a statement. “More importantly, we have the greatest interest in digital asset-based technologies, especially distributed registry technology,” the bank said.
Bitcoin remains the most popular digital currency at the moment, but other features are also increasing interest. UBS, for its part, is concerned that it may lose some of its customers if it does not offer this type of investment, sources said.
The CEO of Swiss competitor Julius Baer Group, Philip Rickenbacher, told a conference earlier last week that the company was working with partners to offer its customers access to cryptocurrencies, although it did not intend to conduct bitcoin transactions.