UBS Group AG, the world’s leading wealth manager, is considering allowing select wealthy clients to invest in crypto assets, starting with Bitcoin and Ethereum, as it evaluates partners for a potential digital asset rollout, Bloomberg reported Friday, citing people familiar with the matter.
UBS may begin offering crypto services in Switzerland, with potential expansion to the Asia-Pacific region and the US. The wealth manager is still selecting partners and has not finalized plans.
The initiative comes amid rising interest in digital assets among wealthy clients and follows similar initiatives by competitors like JPMorgan and Morgan Stanley.
The move would represent an expansion beyond UBS’s existing blockchain initiatives. In November 2024, the bank launched UBS Digital Cash, a private blockchain pilot for multi-currency cross-border payments.
UBS Tokenize, another initiative, enables on-chain issuance of tokenized financial products, including the first tokenized money market fund on Ethereum.
CEO Sergio Ermotti has emphasized blockchain as central to the future of traditional banking, citing its efficiency and scalability. UBS has previously described crypto as a limited segment of digital assets and refrained from direct offerings amid regulatory uncertainty.