- UBS Group AG will allow select private banking clients in Switzerland to trade Bitcoin and Ethereum, a report reported.
- The move is driven by demand from ultra-high-net-worth clients and could expand to the Asia-Pacific region.
- UBS manages roughly $4.7 trillion in assets as of September and focuses on private banking and advisory services.
- UBS grew after a forced merger with Credit Suisse, which faced major losses tied to Archegos Capital and Greensill Capital.
- Switzerland remains a crypto-friendly jurisdiction; there was an uptick in inbound requests from U.S. crypto firms after several U.S. crypto-friendly banks closed in 2022.
UBS Group AG will open crypto investing to some private banking clients in Switzerland, allowing purchases and sales of Bitcoin and Ethereum, a report reported. The bank is moving to meet demand from ultra-high-net-worth clients and is considering later expansion into the Asia-Pacific region.
Bank executives are still finalizing the rollout details. When launched, access will be limited to select private banking clients in Switzerland, with broader regional availability possible afterward.
UBS oversees roughly $4.7 trillion in assets as of September and concentrates on private banking and advisory services for wealthy individuals and families. Its scale gives it influence over the offerings it provides to high-net-worth clients.
The bank’s profile rose after Swiss authorities pushed a merger with Credit Suisse, which had suffered major setbacks in 2021, including a about $5.5 billion loss tied to Archegos Capital and roughly $10 billion linked to issues at Greensill Capital. After the merger, UBS saw its assets under management rise by about $1.5 trillion almost overnight.
At the time of the report, Bitcoin traded near $90,132 and Ethereum near $2,967. Switzerland has positioned itself as a more accommodating jurisdiction for crypto businesses, and the Swiss National Bank has increased its Bitcoin exposure.
Some U.S. crypto firms sought Swiss banking partners after the 2022 closures of Silvergate Capital and Signature Bank, and Swiss banks reported an uptick in inbound requests from those companies.
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