According to a Bloomberg report, UBS Group AG, a Swiss multinational bank & financial services, is planning to provide wealthy customer crypto investment. It will join a U.S firm to give broader access in response to client demand.
The Swiss firm is exploring several alternatives for offering asset class, people familiar with the plan. According to the company, any investment offering would be a very small portion of the client’s total wealth because of volatility.
More global securities firms are offering cryptocurrency services. Last month, Goldman Sachs Group Inc. also announced offering Bitcoin investment for its wealth management clients.
“We are monitoring the development in the field of digital assets closely,” USB said in a statement. “Importantly, we are most interested in the technology which underpins digital asset, namely distributed ledger technology.”
Bitcoin remains the biggest crypto-currency, but momentum in other tokens is drawing increased interest.
UBS Chief Executive officer Ralph Hamers said that he wants to begin using technology to cut costs and digitize operations. He wants to use Artificial Intelligence to target what sort of products it can sell. It changing way bank spends on a technology project to more flexible quarterly allocation from fixed funding yearly. With approximately $3.5 billion per year, banks spend on technology to maintain and modernize their existing infrastructure and innovative tools for clients and employees.
