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- UBS in the final stages of allowing investments in cryptocurrencies by high-end clients
- More interested in distributed ledger technology
- Bringing in new technology to cut costs
UBS Group AG, a Swiss company, explores ways to offer affluent consumers digital currency investments. It is joining U.S firms to give better access to client demand.
High-End investors can invest a portion of their wealth
Bloomberg reports that UBS Group AG is in the primary planning stages to offer high-end consumers a chance to invest in digital currency. However, the investment offering will be a tiny portion of the investors’ total wealth. It is to protect investor interest considering the high volatility associated with cryptocurrencies.
Major global financial players more amenable to cryptocurrency
Yahoo finance .com reports that the investment can be effected through third-party investment vehicles. The source of information has not been revealed.
The cryptocurrency is finding increasing acceptance among the major global financial players. One such player is Goldman Sachs Group Inc which is pushing deeper into the $1 Trillion Bitcoin market. It has opened up trading in non-deliverable forwards, a derivative tied to Bitcoin’s price that pays out in cash.
Morgan Stanley plans to give wealthy clients access to three funds that will enable crypto owners. Bank of New York is in the final stages of developing a platform for traditional and digital assets. Citigroup is also considering crypto services.
Yahoo Finance quoted UBS, which said in a statement that it is closely watching the developments in the field of digital tokens. It added that it is more interested in the technology which runs the digital assets, namely the distributed ledger technology.
Bitcoin (BTC) continues to rule the roost and is on top. However, other tokens are also finding new backers. Investors are more reassured today when they invest than in the past. This fact is also not unknown to UBS, and it does not want to lose its clientele, especially the wealthy clients.
UBS Chief Executive Officer Ralph Hamers, according to YahooFinance .com, is looking at ways to cut costs and digitize operations. It also includes the high brow business serving the world’s wealthiest.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
