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Swiss funding financial institution UBS Group is reportedly exploring providing cryptocurrency companies to its rich shoppers. UBS joins a rising checklist of main funding banks which can be both already providing or planning to supply crypto investments to their shoppers, together with Morgan Stanley, Goldman Sachs, and Citigroup.
- UBS Group AG is exploring “providing crypto investments to wealthy shoppers,” Bloomberg reported Monday, citing individuals aware of the matter. In line with the publication, the corporate is within the early phases of planning its choices.
- A number of crypto funding choices are being thought-about however any providing can be a small portion of the shoppers’ complete wealth due to the volatility, one of many individuals informed the information outlet. A number of the choices being explored embody investing by way of third-party funding automobiles.
- UBS mentioned in an announcement: “We’re monitoring the developments within the discipline of digital property intently. Importantly, we’re most within the know-how which underpins digital property, particularly the distributed ledger know-how.”
- Based mostly on complete property in 2020, UBS Group is the biggest financial institution in Switzerland with greater than $1.13 trillion in complete property, adopted by Credit score Suisse with $992 billion.
- A number of main funding banks have already mentioned that they are going to be providing rich shoppers some crypto-related investments, together with Morgan Stanley and Goldman Sachs. Citigroup and JPMorgan are additionally reportedly contemplating providing some crypto companies.
- In January, UBS published a report advising whether or not their shoppers can purchase bitcoin. Whereas acknowledging that the worth of the cryptocurrency might enhance, the financial institution is skeptical about any important real-world use instances. In the meantime, Paul Donovan, Chief Economist of UBS International Wealth Administration, lately said that “bitcoin is denied to these minority teams who’ve decreased on-line entry.”
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