According to Bloomberg, citing multiple sources, UBS Group plans to offer cryptocurrency trading services to some of its clients.
This also indicates an expansion of the asset management company’s services related to cryptocurrencies.
UBS Group, a Swiss-based financial giant and one of the world’s largest asset management companies, plans to offer cryptocurrency trading services to its private banking clients.
The bank, which manages approximately $4.7 trillion in assets, stated in its announcement that it is in the process of selecting a partner and finalizing details to launch its cryptocurrency investment products.
It was also stated that discussions are ongoing to offer cryptocurrency services.
According to one source, UBS will initially allow select private banking clients in Switzerland to trade Bitcoin (BTC) and Ethereum (ETH). The same source indicated that this service may later expand to markets such as the Asia-Pacific region and the US.
The report stated that the sources requested anonymity due to the confidential nature of the discussions and did not provide any further information on the matter.
*This is not investment advice.