UBS Group AG, a Swiss multinational investment bank, is exploring adding cryptocurrency investment services as it is seeing "strong demand" from wealthy clients, Bloomberg has learned, citing people familiar with the matter. The Swiss banking giant is currently exploring new alternatives for offering the asset class.
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However, the bank is still in early stages of planning to offer new services. The bank told Bloomberg, it is more interested in the technology which "underpins digital assets," citing distributed ledger.
"We are monitoring the developments in the field of digital assets closely," the bank's spokesperson added.
UBS' plans for the cryptocurrency market come after the Swiss bank joined a $65 million funding round for ConsenSys last April. The blockchain-focused company also raised funds from JPMorgan and Mastercard.
In January this year, UBS's global wealth management advisory division warned that cryptocurrency buyers could lose all the money as regulatory changes can crash prices down to zero. The Swiss bank said in the long run the industry faces existential risks over regulatory uncertainty.
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