Crypto is an ‘untested asset category,’ says UBS CEO Ralph Hamers

Jul 20, 2021 | CoinTelegraph News | 0 comments

crypto-is-an-‘untested-asset-category,’-says-ubs-ceo-ralph-hamers

The UBS chief said the bank continues to urge caution when it comes to crypto exposure for its clients.

Ralph Hamers, CEO of Swiss bank UBS, has said he does not fear missing out on crypto. Speaking to Bloomberg on Tuesday, Hamers said, “Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.”

Commenting on the bank’s approach to providing exposure to crypto for its wealth management clients, the UBS CEO stated:

“We don’t offer it actively […] We feel that crypto itself is still an untested asset category.”

Back in May, reports emerged of UBS planning to offer crypto investments to wealthy clients. At the time, the proposed product was limited to a small fraction of the portfolios held by the bank’s wealth management clientele due to the volatility of cryptocurrencies.

However, in June, the bank warned customers to avoid crypto investments, stating that the market will crash under pressure from regulators.

Meanwhile, the Swiss branch of Spanish banking giant BBVA already offers Bitcoin (BTC) trading and custody solutions for clients in the country. Several Swiss banks, such as the 170-year-old Bordier & Cie, also offer crypto trading services.

Related: ‘Investors stay clear’: UBS warns regulators could pop ‘bubble-like crypto markets’

Hamers doubled down on the UBS’ reticence regarding crypto, stating that he does not have FOMO about the bank missing out on a few wealthy clients looking to invest in crypto.

While the UBS CEO appears not to be sold on crypto, banks in the United States are increasingly abandoning their previous anti-cryptocurrency stance and offering digital asset investment products.

As previously reported by Cointelegraph, NYDIG has partnered with a host of internet banking providers to allow several U.S. banks to offer Bitcoin trading to their customers. In July, Bank of America reportedly created a crypto research team, dubbing cryptocurrency “one of the fastest-growing emerging technology ecosystem.”

News Source from CoinTelegraph.com

Related Articles

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

The number of cryptocurrency ATMs has surpassed 24,000 globally. Out of 75 countries with crypto ATMs, the U.S. tops the list with the most locations. 24K+ Cryptocurrency ATMs Worldwide The number of cryptocurrency ATMs has exceeded 24,000 globally, according to the...

Here are the 12 biggest crypto hires thus far in 2021

Here are the 12 biggest crypto hires thus far in 2021

Quick Take There has been a big increase in the flow of talent from Wall Street to the crypto world. We take a look at the 12 biggest moves that have happened so far this year. This feature story is available to subscribers of The Block Daily. You can continue reading...

Crypto Companies Establish Presence, Hire Talent in Ireland

Crypto Companies Establish Presence, Hire Talent in Ireland

With a friendly attitude towards financial innovation, the Republic of Ireland has become a desired destination for fintech businesses that need unimpeded access to the common European market. Cryptocurrency companies have been opening offices in the EU member state...

Pin It on Pinterest

Share This