UBS Jumps on Bitcoin Bandwagon
UBS would join its banking counterparts in the US, which are also looking to meet new and growing client demand for cryptocurrency exposure
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key takeaways
- The Swiss firm is considering allowing clients to invest through third party investment vehicles
- Last month UBS invested in a $65 million fundraise for ConsenSys
UBS is the latest bank seeking to respond to demand by wealthy clients for exposure to digital assets.
The Swiss firm is considering allowing clients to invest through third party investment vehicles, according to a Bloomberg report Monday morning, and to shield them from the volatility risk associated with bitcoin and other digital assets, UBS would limit clients’ exposure to a small portion of their total wealth.
Last month UBS invested in a $65 million fundraise for ConsenSys, a software development firm that builds cryptocurrency-related infrastructure and is working to bring decentralized finance (DeFi) to traditional finance.
UBS would join its banking counterparts in the US, which are also looking to meet new and growing client demand for cryptocurrency exposure, including Morgan Stanley, which offers three funds (two from Galaxy Digital and another joint effort between FS Investments and NYDIG) and has filed for bitcoin exposure in 12 more.
