UBS, the $6.9 trillion investment bank, plans to offer bitcoin and crypto trading to some private banking clients in Switzerland. The move comes after several months of partner discussions and no final decision on roll-out timing.
The bank will initially let select Swiss private bank clients buy and sell bitcoin and ether, with possible expansion to Asia-Pacific and the United States. UBS has been evaluating initiatives that match client demand, regulatory changes, and market trends.
“As part of UBS’ digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends, and robust risk controls,” the bank said. “We recognise the importance of distributed ledger technology like blockchain, which underpins digital assets.”
Until recently, UBS emphasised building blockchain infrastructure and tokenization work. In November 2023 it made crypto-linked ETFs available to wealthy clients in Hong Kong, joining competitors like HSBC.
Other large banks, including Morgan Stanley, Deutsche Bank, and JPMorgan, have begun offering crypto products to clients. (Ed. note: This would mark a notable expansion of crypto access by one of the world’s biggest wealth managers.)
