Jan 23 (Reuters) – UBS is planning to offer cryptocurrency investment options to some private banking clients, Bloomberg News reported on Friday, citing people familiar with the matter.
The Swiss lender is selecting partners for the proposed crypto offering, the report said.
UBS would initially allow select clients of its private bank in Switzerland to buy and sell bitcoin and ether, according to the report, which added that the service could later be expanded to markets including Asia-Pacific and the United States.
Reuters could not immediately verify the report.
A UBS spokesperson declined to comment on the Bloomberg report, but told Reuters, “As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends and robust risk controls.”
“We recognize the importance of distributed ledger technology like blockchain, which underpins digital assets.”
The lender’s increased focus on crypto comes partly in response to rising demand for digital assets from wealthy clients, the report said.
Last year, Bloomberg News reported that JPMorgan Chase was considering offering cryptocurrency trading to its institutional clients, while Morgan Stanley said it would offer trading in crypto on its E*Trade platform from the first half of this year.
Such a move by UBS would mark another significant step in the broader institutional adoption of digital assets under U.S. President Donald Trump, who has pledged to make America the “crypto capital of the world.”
(Reporting by Mihika Sharma in Bengaluru, additional reporting by Elizabeth Howcroft in Paris; Editing by Shailesh Kuber)
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