UBS Group AG will allow select private banking clients to trade Bitcoin and Ethereum in Switzerland, a planned rollout that addresses demand from ultra-high-net-worth clients. This was reported, and the bank may later extend access to Asia-Pacific.
(Ed. note: UBS oversees roughly $4.7 trillion in assets.) Its core business centers on private banking and advisory services for wealthy clients and their families.
UBS‘s scale grew after Swiss authorities forced a 2023 merger with Credit Suisse, adding about $1.5 trillion in assets. Earlier failures at Credit Suisse included a roughly $5.5 billion loss tied to the Archegos collapse, and about $10 billion linked to the Greensill freeze.
At the time of reporting, Bitcoin traded near $90,132 and Ethereum near $2,967 after recent declines. The bank has not immediately responded to requests for comment.
Switzerland has positioned itself as a crypto-friendly jurisdiction and the Swiss National Bank increased its Bitcoin exposure in November. Some U.S. companies sought Swiss banking partners after U.S. bank closures, which drove more inbound requests.
