106 Interactions, 2 today
The UBS CEO stated that the firm continues to advise its clients to exercise prudence when it comes to crypto risk.
UBS CEO Ralph Hamers has stated that he is not concerned about missing out on cryptocurrency. “Clients are looking at new alternatives, and they hear about crypto, and there is a bit of a fear of losing out,” Hamers told Bloomberg on Tuesday. They read about it in the papers, but they are also aware of the volatility.”
The UBS CEO commented on the bank’s approach on providing crypto exposure to its wealth management clients, saying:
“We don’t offer it actively […] We feel that crypto itself is still an untested asset category.”
UBS was rumoured to be aiming to provide crypto investments to rich clients back in May. Due to the volatility of cryptocurrencies at the time, the proposed product was confined to a small percentage of the bank’s wealth management clients’ portfolios.
However, in June, the bank issued a warning to consumers to stay away from crypto investments, claiming that the market would implode due to regulatory pressure.
Meanwhile, the Swiss office of Spanish banking giant BBVA already provides clients in the country with Bitcoin (BTC) trading and custody services. Crypto trading is also offered by a number of Swiss institutions, including the 170-year-old Bordier & Cie.
Hamers reaffirmed UBS’ aversion to crypto, claiming that he had no FOMO about the bank missing out on a few wealthy clients looking to invest in the cryptocurrency.
While the CEO of UBS appears to be sceptical of cryptocurrencies, banks in the United States are progressively renouncing their anti-crypto positions and selling digital asset investing solutions.
NYDIG has teamed with a number of internet banking providers to allow various U.S. institutions to offer Bitcoin trading to their customers, as previously reported by Cointelegraph. According to reports, Bank of America formed a crypto research team in July, describing bitcoin as “one of the fastest-growing emergent technology ecosystems.”