Shares in banking giant UBS (UBS) were lower today despite reportedly exploring a move to offer crypto-investing to its clients.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Private Crypto Clients
According to a Bloomberg report, the bank is planning to offer cryptocurrency investment options to some of its private banking clients and is already selecting partners for the service.
It is reported that UBS would initially allow select clients of its private bank in Switzerland to buy and sell bitcoin and ether. Then the service could later be expanded to markets including Asia-Pacific and the United States.
A UBS spokesperson declined to comment on the Bloomberg report, but told Reuters, “As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends and robust risk controls. We recognize the importance of distributed ledger technology like blockchain, which underpins digital assets.”
Demand from Wealthy Investors
The report said that the increased focus on crypto follows a surge in demand from wealthy clients for digital assets. That is despite the recent plunge in the Bitcoin price as investors go risk-off due to economic and political uncertainty.
Banking rivals are also looking at how to provide more crypto services to clients. It was reported last year that JPMorgan (JPM) is considering offering cryptocurrency trading to its institutional clients. It is assessing products its markets division could offer, potentially including spot and derivatives trading.
Morgan Stanley (MS) is also offering trading in crypto on its E-Trade platform from the first half of this year.
It comes as the U.S. Senate unveils draft legislation that would create a regulatory framework for cryptocurrency and President Donald Trump pledges to make America the “crypto capital of the world.”
What are the Best Cryptocurrency Stocks to Buy Now?
We have rounded up the best cryptocurrency stocks to buy now using our TipRanks comparison tool.
