According to Bloomberg, Swiss bank UBS Group now plans to offer new cryptocurrency investment services to its wealthiest clients.
The Swiss bank is reportedly exploring ways to offer its clients the opportunity to invest in cryptocurrencies, although it is still in the early stages of studying the sector, but no further details are known yet.
As specified by Bloomberg, the investments would refer to a small part of the portfolio of these clients, since the volatility of the cryptocurrency market is still scary.
Furthermore, the Swiss bank will likely rely on third-party services and perhaps US companies to do so.
UBS and investments in technology
The Swiss bank's chief executive, Ralph Hamers, is also reportedly trying to figure out how to cut costs and digitize the bank's operations by also using artificial intelligence to figure out who to sell more products to. UBS is not new to this type of technology initiative, as the bank spends around $ 3.5 billion to modernize its infrastructure.
Banks and cryptocurrencies
Other banks such as BNY Mellon and Deutsche Bank and mutual funds such as Blackrock have already decided to enter the cryptocurrency sector, as have Citigroup and JP Morgan.
UBS is reportedly concerned about losing some of its clients if it does not start offering this type of investment.
The president of the ECB, Lagarde, for her part, said a few days ago that banks are not interested in buying cryptocurrencies, although she supported the idea of digital currencies of central banks to hinder the spread of the use of stablecoins, which which he said would be a threat to national currencies.