UBS Group AG is exploring methods to supply bitcoin & crypto entry to particular person shoppers, CEO Sergio Ermotti mentioned in the course of the financial institution’s earnings name on Wednesday.
What UBS mentioned on the decision
Ermotti mentioned UBS is constructing the underlying infrastructure for digital-asset companies whereas evaluating particular merchandise.
Ermotti mentioned on the decision:
“We’re constructing out the core infrastructure and exploring focused choices from crypto entry for particular person shoppers to tokenized deposit options for corporates.”
Tokenization and a ‘quick follower’ strategy
UBS mentioned it plans to take a “quick follower” technique on asset tokenization, concentrating on progress over the following three to 5 years alongside its present banking companies.
Potential rollout and competitors
The Zurich-based financial institution, which manages greater than $7 trillion in consumer belongings, is weighing a restricted rollout of bitcoin & crypto companies for choose rich shoppers because it assesses potential companions for a digital-asset platform.
Ermotti’s feedback come as competitors amongst giant banks has elevated, with corporations resembling JPMorgan, Morgan Stanley, and Julius Baer already providing digital-asset-related companies.