Swiss Banking Giant UBS to Enter Crypto Market After Years of Resistance
UBS Group is reversing years of skepticism toward cryptocurrencies and preparing to let some private banking clients trade digital assets, according to Bloomberg, as competitive pressure mounts from Wall Street rivals expanding into the sector.
The Swiss wealth manager is in talks with potential partners to build a crypto offering for select private bank clients in Switzerland, people familiar with the matter told Bloomberg. Bitcoin and ether would be the initial assets available for trading.
The shift marks a notable change for UBS, which has long maintained a conservative position on virtual currencies. Former chairman Axel Weber, a onetime central banker, declared in late 2021 that anonymous payments “will not survive,” even as…
