UBS plans to begin allowing select private clients to buy bitcoin and ether, according to Bloomberg.
The move comes as demand for cryptocurrency offerings grows among the bank’s existing client base.
“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,” a UBS spokesperson told CoinDesk.
“We recognise the importance of distributed ledger technology like blockchain, which underpins digital assets.”
Bloomberg reported that UBS is in the process of selecting partners for the expansion. While discussions have been ongoing for several months, no definitive decisions have been disclosed.
UBS will initially allow select private banking clients in Switzerland to buy and sell bitcoin and ether, according to one source. The offering could later be expanded to markets including Asia-Pacific and the US.
UBS began offering trading in crypto-linked ETFs to wealthy clients in Hong Kong in November 2023, aligning with peers such as HSBC Holdings.
Late last year, the bank also completed its first on-chain redemption of a tokenised fund using Chainlink’s Digital Transfer Agent.
For a deep dive into UBS’ digital asset journey, subscribe to Capital Pioneer’s upcoming magazine.
