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A Bloomberg report suggests that UBS could soon offer its wealthier clients an exposure to digital assets.
UBS Exploring Crypto Offerings
UBS, the Swiss banking giant with $ 3.5 trillion in assets under management, plans to offer crypto products to wealthy clients, Bloomberg reported on Monday.
According to the report, the company is looking for alternative ways to offer exposure to digital assets. An unnamed source said that any crypto investment would represent a small allocation of a portfolio to hedge against price fluctuations and that it could include “third-party investment vehicles.”
While the full details are yet to be confirmed, UBS wouldn’t be the first institutional player in the financial sector to look into crypto this year.
Most recently, Goldman Sachs began trading Bitcoin futures and non-deliverable futures. In March, the Wall Street company announced that it plans to offer a range of Bitcoin products to wealthy customers. In addition to Goldman, Morgan Stanley and BNY Mellon have taken similar steps in light of the growing demand for crypto assets.
The global market capitalization for cryptocurrencies is now over $ 2.5 trillion, with Bitcoin accounting for about 42% of that number. To date, Bitcoin has been the first crypto asset that most banks are interested in. That could change soon, though: now that ETH is trading above $ 4,000 with several major protocol updates on the horizon, the second crypto BTC has moved into the spotlight last week.
Once UBS prevails, ETH could next see a surge in institutional demand.
Disclosure: At the time of writing, the author of this role owned ETH, FLI, and several other cryptocurrencies.
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