According to Bloomberg, the Swiss bank UBS Group is now planning to offer new cryptocurrency investment services to its wealthier clients.
The Swiss bank is reportedly exploring ways to offer its clients the opportunity to invest in cryptocurrencies, although it is still in the early stages of studying the sector, but no further details are yet known.
As specified by Bloomberg, the investments would refer to a small part of the portfolio of these customers, since the volatility of the cryptocurrency market is still scary.
Moreover, the Swiss bank will probably rely on third-party services and perhaps American companies to do so.
UBS and investments in technology
The Swiss bank’s CEO, Ralph Hamers, is also reportedly trying to figure out how to cut costs and digitize the bank’s operations by also using artificial intelligence to figure out who to sell more products to. UBS is not new to this kind of technological initiative, as the bank spends around $3.5 billion to modernize its infrastructure.
Banks and cryptocurrencies
Other banks such as BNY Mellon and Deutsche Bank and investment funds such as Blackrock have already decided to enter the cryptocurrency sector, as have Citigroup and JP Morgan.
UBS is reportedly worried that it will lose some of its customers if it does not start offering this type of investment.
ECB President Lagarde, on the other hand, said a few days ago that banks are not interested in buying cryptocurrencies, although she supported the idea of digital currencies from central banks to hinder the spread of the use of stablecoins, which she said would be a threat to national currencies.
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