The Swiss financial giant UBS Group plans to present tools for investing in cryptocurrencies, and also expressed its readiness to introduce blockchain into its business processes.
Investment bank UBS began exploring options for providing its wealthy clients with the opportunity to invest in digital assets. The Bank is also considering the use of third party investment vehicles.
Given the growing interest of investors in cryptoassets, UBS sees it necessary to respond to the situation in order not to lose customers and satisfy their needs. It is worth noting that earlier UBS analysts were wary of Bitcoin, believing that high volatility could prevent it from becoming a reliable means of preserving value.
Last week, the CEO of the Swiss bank Julius Baer Group, Philipp Rickenbacher, said that he too began to think about giving the bank’s clients access to cryptocurrencies. For this, Rickenbacher is ready to discuss the possibility of cooperation with partners who will help realize this idea. However, the head of Julius Baer added that he himself is not yet ready to make transactions with bitcoin.
UBS CEO Ralph Hamers said he is closely following the development of digital assets. However, UBS management is also interested in the blockchain technology underlying cryptocurrencies. The bank is exploring the potential of blockchain and artificial intelligence (AI) to reduce costs and better target the needs of its demanding customers. Hamers believes that blockchain can modernize the existing infrastructure of the bank, as well as provide conditions for creating innovative tools for employees and products for customers.
Many banks have become serious about investing in cryptocurrencies. Last week, American bank Goldman Sachs announced the launch of bitcoin derivatives, and Citigroup intends to launch a platform for cryptocurrency trading and storage.
