UBS joins crypto bandwagon to offer exposure to wealthy clients
UBS Group AG is not planning to sit on the sidelines while other global banking giants like JP Morgan and Goldman Sachs offer crypto exposure to clients. The Swiss multinational investment bank and financial services company has indicated its interest to offer its wealthy clients exposure to cryptocurrencies.
According to a recent report by Bloomberg, UBS will allow its wealthy clients to invest a percentage of their net worth in cryptocurrencies: Bitcoin and, perhaps, other altcoins.
It does not come as a surprise that the investment bank is looking to dive into cryptocurrency waters. As reported by BTC PEERS, JPMorgan and Goldman Sachs are already offering Bitcoin to their high net-worth clients. In the case of Sachs, customers can invest as little as 2.5 percent of their portfolio.
These traditional companies are looking to make a full entry into the cryptocurrency space. A few weeks ago, JPMorgan began hunting for skilled Ethereum developers. Similarly, other institutions such as the Bank of New York Mellon Corp. and Citigroup have also taken steps towards offering crypto services.
UBS was quick to clarify that its interest in the industry goes beyond digital currencies. It is very much interested in the sector’s underlying technology – blockchain.